The 2012 year-end adjusted balances taken from general


Assignment

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


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.

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Corporate Finance: The 2012 year-end adjusted balances taken from general
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