Preparation of financial statements

Using the Adjusted Trial Balance shown below, prepare the companys:

(a) Income Statement

(b) Statement of Retained Earnings

(c) Balance Sheet

All Star Repair Shop Adjusted Trial Balance Dec. 31, 2016
	Debit	Credit
Cash	$ 25,000
Supplies	2,000
Accounts Receivable	70,000
Equipment	30,000
Accumulated Depreciation on Equipment		$ 10,000
Accounts Payable		20,000
Notes Payable		5,000
Income Taxes Payable		20,000
Capital Stock		30,000
Retained Earnings (as of Jan 1, 2016)		5,000
Dividends	15,000
Repair Service Sales Revenue		125,000
Wages Expense	35,000
Rent Expense	10,000
Supplies Expense	4,000
Utilities Expense	3,000
Depreciation Expense	1,000
Income Tax Expense	20,000	______
	215,000	215,000