Question: Preparing financial statements Precision Pics works weddings and prom-type parties. The balance of Retained Earnings was $26,000 at December 31, 2015. At December 31, 2016, the business's accounting records show these balances:
Prepare the following financial statements for Precision Pics for the year ended December 31, 2016:
a. Income statement.
b. Statement of retained earnings.
c. Balance sheet.