The adjusted trial balance of Party Piano Tuning Service at fiscal year end May 31, 2012, follows.

Requirements
1. Prepare Party's 2012 income statement.
2. Prepare the statement of owner's equity for the year.
3. Prepare the year-end balance sheet.
4. Which financial statement reports Party's results of operations? Were the 2012 operations successful? Cite specifics from the financial statements to support your evaluation.
5. Which statement reports the company's financialposition?

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PARTY PIANO TUNING SERVICE Adjusted Trial Balance May 31, 2012 Balance Debit Credit 12,600 10,800 1,900 25,900 Account Title Cash Accounts receivable Supplies Equipment Accumulated depreciation Accounts payable Unearned service revenue Salary payable Note payable Lindros, capital Lindros, drawing Service revenue Depreciation expense Salary expense Utilities expense Insurance expense Supplies expense Total 12,500 3,300 4,700 800 14,000 13,600 38,000 65,000 5,600 9,600 3,900 3,700 113,900 $113,900