Financial Statements from Adjusted Trial Balance

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.