Tutors for Rent, Inc. perform adjusting entries every month, but closes its accounts only at year-end. The company's yearend adjusted trial balance dated December 31, 2002 was:

Tutors for Rent, Inc.

Adjusted Trial Balance

31-Dec-02

Prepare an income statement and statement of retained earnings for the year ending December 31, 2002. Also, prepare the company's balance sheet dated December 31,2002.

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91100 4500 300 12000 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation, Equipment Accounts Pavable Income laies Favable Capital Stock Retained Earnings Dividends Tutoring Revenue Earned Salary Expense Supply Expense Advertising Expense Depreciation Expense: Equipment Income Tax Expense 5000 1500 3500 25000 45000 2000 96000 52000 1200 300 1000 11600 176000 176000