Based on the Following Trial Balance for Barry's Automotive Shop

Essay

Based on the following trial balance for Barry's Automotive Shop, Inc., prepare an income statement, statement of retained earnings, and a balance sheet. Barry made no additional investments in the company during the year.
Barry's Automotive Shop, Inc.
Trial Balance
December 31 $\begin{array}{llcc} \text {Cash................................. } &\$13,500\\ \text { Accounts receivable......... } &1,500\\ \text {Supplies............................. } &500\\ \text {Repair shop equipment...... } &27,000\\ \text { Service truck.................... } &33,000\\ \text {Accounts payable.............. } &&\$2,600\\ \text { Common stock.................. } &&1,000\\ \text {Retained earnings.............. } &&38,525\\ \text { Dividends.......................... } &36,000\\ \text { Service revenue................. } &&125,000\\ \text {Supplies expense................ } &3,425\\ \text {Rent expense..................... } &18,000\\ \text {Utilities expense................ } &5,000\\ \text {Gas expense...................... } &7,200\\ \text {Wages expense.................. } &\underline{22,000}&\underline{\quad\quad}\\ \text {Totals .............................. } &\underline{\$167,125}&\underline{167,125}\\\end{array}$