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Category > Accounting Posted 05 Aug 2017 My Price 11.00

Cooperstown Services, Inc

Prepare Financial Statements from Adjusted Trial Balance Worksheet

The 2012 year-end adjusted balances taken from the general ledger of Cooperstown Services, Inc. are listed below in general ledger order.

Coopertown Suppliers, Inc.
 

DR

CR

Cash

$12,950

  

ACCOUNTS receivable

28,150

  

Supplies

8,400

  

Prepaid insurance

9,500

  

Land

115,000

  

Buildings

360,000

  

Equipment

260,000

  

Accumulated depreciation

  

$239,900

Accounts payable

  

35,300

Salaries payable

  

7,300

TAXES payable

Common stock

  

5,200

31,500

Additional paid-in capital – Common

Retained earnings

  

15,400

427,600

Dividends

25,400

  

Service revenue

  

475,000

Salaries expense

335,600

  

Depreciation expense

25,100

  

Supplies expense

12,950

  

Insurance expense

8,200

  

Miscellaneous expense

30,850

  

Utilities expense

5,100

  

Total

$1,237,200

$1,237,200

Transfer these ACCOUNTSand 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.

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Maurice Tutor
(5)
Status NEW Posted 05 Aug 2017 10:08 PM My Price 11.00

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