Question: Green Lawns, 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, 2015,

Green Lawns, 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, 2015, was:

a. Prepare an income statement and statement of retained earnings for the year ended December 31, 2015. Also prepare the company's balance sheet dated December 31, 2015.
b. Does the company appear to be liquid? Defend your answer.
c. Has the company been profitable in the past? Explain.

GREEN LAWNS, INC ADJUSTED TRIAL BALANCE DECEMBER 31, 2015 Supplies Equipment 9,000 600 24,000 $10,000 3,000 7,000 50,000 90,000 Capital stock 4,000 Lawn care revenue earned . . 192,000 .. . . . . .. _ . . . . . . . . .. . .. Supply expense 2,400 600 2,000 23,200 $ 352,000 $352,000

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