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Based on the following trial balance for Barry's Automotive Shop,prepare an income statement,statement of retained earnings,and a balance sheet.Barry,the company's sole stockholder,made no additional investments in the company during the year.
Stockholders
Individuals or entities that own one or more shares of stock in a corporation, giving them a right to a portion of the corporation's profits and assets.
Unanimous Vote
A voting outcome where all members of a group fully agree on a decision or proposal.
Two-thirds
A fraction that represents 66.67 percent of a whole, often used as a voting threshold to pass significant decisions in various forums.
Majority Vote
A decision-making rule in which the option that receives more than half of the votes amongst all options is chosen.
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