The adjusted trial balance of Party Piano Tuning Service, Inc., at fiscal year end May 31, 2012, follows.

Requirements
1. Prepare Party's 2012 income statement.
2. Prepare the statement of retained earnings for the year.
3. Prepare the year-end balance sheet.
4. Which financial statement reports Party's results of operations? Were the 2012 operations successful? Cite specifics from the financial statements to support your evaluation.
5. Which statement reports the company's financialposition?

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PARTY PIANO TUNING SERVICE, INC. Adjusted Trial Balance May 31, 2012 Balance Account Title Debit Credit Cash $ 12,600 Accounts receivable 10,800 Supplies Equipment Accumulated depreciation Accounts payable 1,900 25,900 S 12,500 3,300 Uncarned service revenue 4,700 Salary payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense Salary expense Utilities expense 800 14,000 1,800 11,800 38,000 65,000 5,600 9,600 3,900 3,700 Insurance expense Supplies expense 1,900 Total $113,900 $113,900