Using the adjusted trial balance shown below, prepare (a) an income statement, (b) a statement of retained earnings, afd (c) a balance sheet for Fred's Pro Shop. Assume the business closes its accounts once each year on December 31. Fred's Pro Shop Adjusted Trial Balance For the Year End December 31,20 Debit Credit

Cash $16,000

Account Receivable $39,000 Supplies $3,000 Shop equipment $25,000 Accumulated depreciation: shop equipment $ 12,000 Account Payable $6,000 Capital Stock $ 30,000 Retained Earnings $ 8,000 Dividends $1,000 Fee earnings $96,000 Rent Expense. $7,000 Rent Expense. $44,000 Supplies Expense $2,000 Depreciation Expense $5,000 Income Taxes Expense $10,000 $152,000 $152000