The following information appeared on the work sheet of Ritz Fine Furniture for the year ended December 31. The balance of Merchandise Inventory at the beginning of the year was 88,350. Income Statement Balance Sheet Account Name Cash in Bank Accounts Receivable Merchandise Inventory Debit Credit Debit Credit 0 0 18,075 0 0 0 27,840 0 0 0 99,681 0 Supplies Prepaid Insurance 0 0 912 0 0 0 600 0 Store Equipment 0 0 52,300 0 Office Equipment 0 0 12,500 0 Accounts Payable 0 0 0 36,900 Fed. Corp. Inc. Tax Pay 0 0 411 Sales Tax Payable 0 0 Capital Stock 0 0 Retained Earnings 0 0 Income Summary 0 11,331 1,235 75,000 39,497 0 Sales 0 296,350 Sales Discounts 2,961 0 Sales Returns & Allowances 10,400 0 Purchases 189,600 0 Transportation In 6,783 0 Purchases Discounts 0 4,068 Purchases Returns & Allow 0 58,965 Advertising Expense 3,600 0 Bankcard Fees Expense 4,242 0 Insurance Expense 4,200 0 Rent Expense 10,800 0 Salaries Expense 54,000 0 Supplies Expense 4,821 0 Utilities Expense 5,031 0 Fed. Corp, Inc. Tax Expense 15,411 0 0 0 0 311,849 370,714 211,908 153,043 58,865 0 0 58,865 370,714 370,714 211,908 211,908 A. Based on the work sheet data, prepare an income statement for the year ended December 31. (Input all amounts as positive values. Omit the "$" sign in your response.) Ritz Fine Furniture Income Statement For the Year Ended December 31, 20- Revenues: Sales (Click to select) (Click to select) (Click to select) Cost of Merchandise Sold: (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Cost of Merchandise Sold (Click to select) Operating Expenses (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) > > > > > > > (Click to select) (Click to select) (Click to select) Total Operating Expenses (Click to select) (Click to select) Net Income B. Using the work sheet data and the income statement completed in Part A, prepare a statement of retained earnings. (Input all amounts as positive values. Omit the "$" sign in your response.) (Click to select) (Click to select) Retained Earnings Ritz Fine Furniture Statement of Retained Earnings For the Year Ended December 31, 20- C. Using the work sheet data and the statement of retained earnings in Part B, prepare a balance sheet for the period. (Be sure to list the assets, liabilities and owner's equity in order of their liquidity. Omit the "S" sign in your response.) Ritz Fine Furniture Balance Sheet December 31, 20-- Assets (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Total Assets C. Using the work sheet data and the statement of retained earnings in Part B, prepare a balance sheet for the period. (Be sure to list the assets, liabilities and owner's equity in order of their liquidity. Omit the "S" sign in your response.) Ritz Fine Furniture Balance Sheet December 31, 20- Assets (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Total Assets Liabilities (Click to select) (Click to select) (Click to select) Total Liabilities Stockholders' Equity (Click to select) (Click to select) Total Stockholders' Equity Total Liabilities and Owner's Equity