WILDERNESS GUIDE SERVICES, INC. ADJUSTED TRIAL BALANCE DECEMBER 31, 2011 3 6 Cash Accounts receivable Camping supplies.... $12,200 31,000 7,900 Equipment Accumulated depreciation: equipment Notes payable (due 4/1/12) 70,000 $ 60,000 9,500 25,000 5,000 Capital stock . . 1,000 102,000 87,500 1,200 9,600 5,000 Salary expense. .. Insurance expense. .. Depreciation expense: equipment Interest expense. $229,500 $229.500 a. Prepare an income statement and statement of retained earnings for the year ended December 31, 2011. Also prepare the company's balance sheet dated December 31,2011 (Hint: Unprofitable companies have no income taxes expense.) b. Does the company appear to be liquid? Defend your answer. c. Has the company been profitable in the past? Explain