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Affordable Lawn Care , Inc., provides laws-mowing services to both commercial and residential customers. The company performs adjusting entries on a monthly basis, whereas closing entries are prepared annually at December 31. An adjusted trial balance dated December 31, 2015. follows.AFFORDABLE LAWN CARE, INC.ADJUSTED TRIAL BALANCE DECEMBER 31, 2015 Cash Debits$117,050 Accounts receivable Debit 9,600 unexpired insurance debits 16,000 prepaid rent debits 6,000 supplies debits 2,150 trucks debits 300,000 accumulated depreciation:trucks credit $240,000 mowing equipment debit 40,000 accumulated depreciation:mowing equipment credit 24,000 accounts payable credit 3,000 notes payable credit 100,000 salaries payable credit 1,800 interest payable credit 300 income taxes payable credit 2,100 unearned mowing revenue credit 1,800 capital stock credit 40,000 retained earnings credit 60,000 dividends debit 10,000mowing revenue earned credit 340,000 insurance expense debit 4,800 office rent expense debit 72,000 supplies expense debit 10,400 salary expense debit 120,000 depreciation expense: trucks debit 60,000 depreciation expense: mowing equipment debit 8,000 repair and maintenance expense debit 6,000 fuel expense debit 3,000 miscellaneous expense debit 10,000 interest expense debit 6,000 income taxes expense 12,000 debits $813,000 credits $813,00a. prepare an income statement and statement of retained earnings for the year ended december 31,2015. also prepare the company’s balance sheet dated december 31,2015d. using the financial statement prepared in part a, briefly evaluate the company’s profitability and liquidity.
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