The adjusted trial balance for Ocean Realty Inc at March
The adjusted trial balance for Ocean Realty, Inc., at March 31, 2012, follows:

1. Prepare Ocean Realty’s income statement and statement of retained earnings for the year ended March 31, 2012, and year-end balance sheet. List expenses in decreasing order on the income statement.
2. a. Which financial statement reports Ocean 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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