Coopertown Suppliers, Inc. DR CR cash $12,950 accounts receivable $28,150 suppli
ID: 2434777 • Letter: C
Question
Coopertown Suppliers, Inc.
DR
CR
cash
$12,950
accounts receivable
$28,150
supplies
$4,400
prepaid insurance
$9,500
land
$100,000
buildings
$360,000
equipment
$260,000
accumulated depreciation - equipment
$269,900
accounts payable
$33,300
salaries payable
$33,00
common stock
$1,500
retained earnings
$427,600
dividends
$25,000
service fees
$475,000
rent revenue
$5,000
salaries expense
$340,600
depreciation expense
$25,100
supplies expense
$10,950
insurance expense
$3,000
miscellaneous selling and admin expense
$30,850
utilities expense
$5,100
Total
$1,215,600
$1,215,600
Coopertown Suppliers, Inc.
DR
CR
cash
$12,950
accounts receivable
$28,150
supplies
$4,400
prepaid insurance
$9,500
land
$100,000
buildings
$360,000
equipment
$260,000
accumulated depreciation - equipment
$269,900
accounts payable
$33,300
salaries payable
$33,00
common stock
$1,500
retained earnings
$427,600
dividends
$25,000
service fees
$475,000
rent revenue
$5,000
salaries expense
$340,600
depreciation expense
$25,100
supplies expense
$10,950
insurance expense
$3,000
miscellaneous selling and admin expense
$30,850
utilities expense
$5,100
Total
$1,215,600
$1,215,600
Explanation / Answer
Income Statement of Coopertown suppliers,Inc. Income Service fees $475,000 Rent revenue $5,000 Total $480,000 Expenses salaries expense $340,600 depreciation expense $25,100 supplies expense $10,950 insurance expense $3,000 miscellaneous selling expense $30,850 utilities expense $5,100 Total $4,15,600 Net Income(Income - Expenses) $64,400 b.Statement of retained earnings Retained earnings $427600 Add: Net Income $64400 less: Dividend $25000 Retained earnings transferred to B/S $467,000 Balance sheet of Coopertown suppliers, Inc. Assets cash $12,950 accounts receivable $28,150 supplies $4,400 prepaid insurance $9,500 land $100,000 buildings $360,000 equipment $260,000 Total $775,000 Liabilities accumulated depreciation - equipment $269,900 accounts payable $33,300 salaries payable $33,00 common stock $1,500 retained earnings $467,000 Total $775,000