ACC Problem - Cooperstown Services

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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 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

    • 10 years ago
    ACC Problem - Cooperstown Services Solution
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