i need help with my 88' mustang.

i have an 88' mustang convertible, 4 cylinder. i was driving home the other day and i could smell the transmission. i was driving normal. i got a few blocks away from my place and the gears startd slipping. i got my car a block away from my house and it just put out on me. when i looked under my car, there was a big puddle of transmission fluid on the ground. could it be that my transmission is screwed? a friend of mine told me that my starter burned out too. can anyone give me some help or advice please?

If you drove the car and the trans was slipping and its leaked all the fluid out the ya the tranny is shot.