Prepare Financial Statements from Adjusted Trial Balance Worksheet (110 pts)
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.