Preparation of financial statments using the adjusted trial balance shown below, prepare a) an income statement and b) a statement of retained earnings for all stars repair.

Debit Credit

Cash 20, 200

Accounts recievable 70, 600

Supplies 2, 500

Shop equipement 26,600

Accumulated depreciation: shop equipment 9, 600

Accounts payable 18, 00

notes payable 3, 700

Income tax payable 26,700

Capital stock 22, 200

Retained Earnings 5,900

Dividends 16, 700

Fees earned 127, 400 Rent expense 9,000

Wages expense 35, 600

Supplies expense 2,900

Utilities expense 2, 100

Depreciation expense: shop equipment 600

Income texes expense 26, 700

Total 213, 500 213, 500