Posted: November 9th, 2015

Financial accounting

Financial accounting
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.
Ensure your work is accurate and reflects APA requirements.

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