Wilderness Guide Services Inc performs adjusting entries every month but
Wilderness Guide Services, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2011, follows:

Prepare an income statement and statement of retained earnings for the year ended December 31, 2011. Also prepare the company’s balance sheet dated December 31, 2011.
Does the company appear to be liquid? Defend your answer.
Has the company been profitable in the past?Explain.
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