Question: Please I need help in making a balance sheet and income statement for the trial balance balance below. I also need to find out how

Please I need help in making a balance sheet and income statement for the trial balance balance below. I also need to find out how much are the retained earnings. Thank you.

Trial Balance for January Coolair

Debits Credits

Cash 60,689.78

Petty Cash 870.00

Accounts Receivable 18,785.50

Inventory 56,608.88

Prepaid Insurance 8,976.00

Security Deposit 1,210.00

Computer Equipment 3,452.12

Furniture and Fixture 7,854.00

Truck 32,174.00

Accounts Payable 40,004.00

Notes Payable 30,274.00

Capital Stock 80,000.00

Paid-in Capital 25,000.00

Retained Earnings

Equipment Sales 52,392.50

Installation Service 7,001.00

Repair Service 4,102.50

Advertising Expense 2,000.00

Truck Insurance 322.00

Conferences & Seminars 175.00

Supplies 229.00

Cost of Goods Sold 29,041.12

Dues and Subscriptions 500.00

Maintenance/Janitorial 510.00

Promotional Expense 95.00

Rent Expense 4,255.00

Salary Expense 11,026.60

Total 238,774.00 238,774.00

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