ACC Problem – Cooperstown Services

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Description

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

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