Accounting

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		5,200
	Common stock		31,500
	Additional paid-in capital – Common		15,400
	Retained earnings		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.

Acc

NOT RATED

Purchase the answer to view it