Tutors for Rent, Inc., performs adjusting entries every month, but closes its accounts only at year-end....

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Tutors for Rent, 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, was: TUTORS FOR RENT, INC. ADJUSTED TRIAL BALANCE DECEMBER 31, 2011 Cash. $ 91,100 Accounts receivable Supplies Equipment. Accumulated depreciation: equipment Accounts payable Income taxes payable. Capital stock. Retained earnings.. Dividends Tutoring revenue earned Salary expense Supply expense Advertising expense. Depreciation expense: equipment Income taxes expense 4,500 300 12,000 $ 5,000 1,500 3,500 25,000 45,000 2,000 96,000 52,000 1,200 300 1,000 11,600 $176,000 $176,000 a. 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 3í, 2011. -.. .... ... ... .... . . ... .... ... .. .. ... ... ... .... + . ..... ... ... .... ... .... .... . ... .. * . ... -..... . .. ... :::: ::: Tutors for Rent, 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, was: TUTORS FOR RENT, INC. ADJUSTED TRIAL BALANCE DECEMBER 31, 2011 Cash. $ 91,100 Accounts receivable Supplies Equipment. Accumulated depreciation: equipment Accounts payable Income taxes payable. Capital stock. Retained earnings.. Dividends Tutoring revenue earned Salary expense Supply expense Advertising expense. Depreciation expense: equipment Income taxes expense 4,500 300 12,000 $ 5,000 1,500 3,500 25,000 45,000 2,000 96,000 52,000 1,200 300 1,000 11,600 $176,000 $176,000 a. 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 3í, 2011. -.. .... ... ... .... . . ... .... ... .. .. ... ... ... .... + . ..... ... ... .... ... .... .... . ... .. * . ... -..... . .. ... :::: :::

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