P1-36A Preparing financial statements [20–30 min]Studio Photography, Inc., works weddings and prom-type parties. The balance of
retained earnings was $16,000 at December 31, 2011. At December 31, 2012, the
business’s accounting records show these balances:
Requirement1. Prepare the following financial statements for Studio Photography, Inc. for the
year ended December 31, 2012:
a. Income statement
b. Statement of retained earnings
c. Balance sheet
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