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

Based on the following trial balance for Sally's Salon, prepare an income statement, statement of retained earnings, and a balance sheet. Sally Crawford, the sole stockholder, made no additional investments in the company during the year.
$\begin{array}{|lc|}\hline & \text { Sally's Salon } \quad \quad \quad \quad \quad \quad \quad\\\hline \text { Trial Balance } \\\hline \text { December 31 } \\\end{array}$
$\begin{array}{|l|r|l|}\hline \text { Cash } & \$ 6,500 \\\hline \text { Accounts receivable } & 475 \\\hline \text { Beauty supplies } & 2,500 \\\hline \text { Beauty shop equipment } & 17,000 \\\hline \text { Accounts payable } & & \$ \quad 745\\\hline \text { Common Stock } & & 21,155\\\hline \text { Dividends } & 36,000 \\\hline \text { Revenue earned } && 72,000 \\\hline \text { Beauty supplies expense } & 3,425 \\\hline \text { Rent expense } & 6,000 \\\hline \text { Wages expense } & 22,000 \\\hline \text { Totals } & \underline {\$ 93,900}& \underline { \$ 93,900} \\\hline\end{array}$

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