Based on the Following Trial Balance for Sally's Salon, Inc

Essay

Based on the following trial balance for Sally's Salon, Inc, prepare an income statement, statement of retained earnings, and a balance sheet. Sally Crawford made no additional investments in the company during the year.
Sally's Salon, Inc.
Trial Balance
December 31 $\begin{array}{llcc} \text {Cash. } &\$7,500\\ \text { Accounts receivable.} &475\\ \text { Beauty supplies } &2,500\\\text { Beauty shop equipment } &17,000\\ \text { Accounts payable } &&\$745\\ \text { Common stock } &&1,000\\ \text {Retained earnings } &&21,155\\ \text {Dividends } &&63,000\\ \text {Revenue eatned. } &&72,000\\ \text { Beauty supplies expense } &3,425\\ \text { Rent expense.} &6,000\\ \text {Wages expense. } &\underline{22,000}&\underline{\quad\quad}\\ \text { Totals.} &\underline{\$94,900}&\underline{\$94,900}\\\end{array}$