Financial Statements from Adjusted Trial Balance(Cooperstown Services, Inc.)

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 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.

 
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