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ACC Problem - Cooperstown Services

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Question;Prepare Financial Statements from Adjusted Trial Balance WorksheetThe 2012 year-end adjusted balances taken from the general ledger of Cooperstown Services, Inc. are listed below in general ledger order.Coopertown Suppliers, Inc.DRCRCash$12,950Accounts receivable28,150Supplies8,400Prepaid insurance9,500Land115,000Buildings360,000Equipment260,000Accumulated depreciation$239,900Accounts payable35,300Salaries payable7,300Taxes payableCommon stock5,20031,500Additional paid-in capital ? CommonRetained earnings15,400427,600Dividends25,400Service revenue475,000Salaries expense335,600Depreciation expense25,100Supplies expense12,950Insurance expense8,200Miscellaneous expense30,850Utilities expense5,100Total$1,237,200$1,237,200Transfer these accounts and balances to a spreadsheet worksheet and prepare an Income statement, a Classified Balance Sheet, and a Statement of Retained Earnings all in good form using proper headings for each statement. Note that Cooperstown is a service company so there is no cost of goods sold in its chart of accounts. Also, assume that all the liabilities are current liabilities. Keep in mind that you should not report any accounts without balances in your statements

 

Paper#44249 | Written in 18-Jul-2015

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