Question: Wilderness Guide Services, 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,

Wilderness Guide Services, 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, current year, is as follows.

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

WILDERNESS GUIDE SERVICES, INC ADJUSTED TRIAL BALANCE DECEMBER 31, CURRENT YEAR $.12.200 31,000 7,900 2,400 70,000 $60,000 18,000 9,500 25,000 15,000 1,000 102,000 87,500 1,200 9,600 5,000 1,700 $229,500 $229,500

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