The financial balances for Pi Consulting Inc. as of December 31, 2037, are as follows:

• Sales Revenue: $140,000
• Cost of Goods Sold: $70,000
• Salaries Expense: $35,000
• Rent Expense: $15,000
• Utilities Expense: $4,000
• Depreciation Expense: $7,000
• Accounts Receivable: $10,000
• Accounts Payable: $5,000
• Cash: $20,000
• Equipment: $50,000
• Notes Payable: $18,000
• Common Stock: $25,000

Required:

1. Create a Trial Balance as of December 31, 2037.
2. Draft an Income Statement for the year ended December 31, 2037.
3. Prepare a Statement of Retained Earnings for the year ended December 31, 2037.
4. Draft a Balance Sheet as of December 31, 2037.
5. Prepare a Statement of Cash Flows for the year ended December 31, 2037.