Studio Photography works weddings and prom- type parties. The balance of retained earnings was $ 16,000 at December 31, 2013. At December 31, 2014, the business's accounting records show these balances:

Prepare the following financial statements for Studio Photography for the year ended December 31, 2014:
a. Income statement.
b. Statement of retained earnings.
c. Balance sheet.

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insurance Expense 8,000 Accounts Recevable Cash Accounts Payable Advertising xpense 3,000 Salares Expense Service Revenue Dividends 8,000 12,000 37,000 Notes Payable 7,000 Retained Earnings, Dec. 31, 2014 80,000 Equipment 13,000 Common Stock 25,000 50,000 29,000