The adjusted trial balance of Elite Realty, Inc., at December 31, 2012, follows:

Requirements
1. Prepare Elite Realty€™s income statement and statement of retained earnings for the year ending December 31, 2012, and year-end balance sheet. List expenses in decreasing order on the income statement.
2. a. Which financial statement reports Elite Realty€™s results of operations? Were operations successful during 2012? Cite specifics from the financial statements to support your evaluation.
b. Which statement reports the company€™s financialposition?

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Elite Realty, Inc Adjusted Trial Balance December 31, 2012 ACCOUNT Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Unearned Service Revenue interest Payable Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Depreciation Expense, Equipment Utilities Expense interest Expense Supplies Expense Total DEBIT CREDIT S 4,800 16,300 1,500 700 53,000 $ 13,200 3.300 2,400 380 1,800 10,000 7,940 10,400 12,000 99,000 880 38,000 14,000 3,300 3,000 1,800 900 $149,300 $149,300