The adjusted trial balance of Elite Realty Inc at December
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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