Prepare Financial Statements from Adjusted Trial Balance Worksheet The 2012 year
ID: 2649738 • Letter: P
Question
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
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
Explanation / Answer
INCOME STATEMENT Amount. Revenue from Operation Service Revenue $475,000.00 Exepnses: Salary Expense $335,600.00 Depreciation Expense $25,100.00 Supplies Expense $12,950.00 Insurance $8,200.00 Misc. Expense $30,850.00 Utilities Expense $5,100.00 Total $417,800.00 Net Income $57,200.00 Less: Dividend Paid $25,400.00 Retained Earning $31,800.00 BALANCE SHEET Equities & Liabilities Common Stock $31,500.00 Additional Paid in Capital $15,400.00 Retained Earning $459,400.00 Account Payble $35,300.00 Salaries Payble $7,300.00 Tax Payble $5,200.00 Total $554,100.00 AEESTS Cash $12,950.00 Account Receivable $28,150.00 Supplies $8,400.00 Prepaid Insurance $9,500.00 Land $115,000.00 Building $360,000.00 Equipment $260,000.00 Less:Accumulated Dep. -$239,900.00 Total $554,100.00