Prepare Financial Statements from Adjusted Trial Balance Worksheet (110 pts)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.
DRCRCash$12,950
Accounts receivable28,150
Supplies8,400
Prepaid insurance9,500
Land115,000
Buildings360,000
Equipment260,000
Accumulated depreciation
$239,900Accounts payable
35,300Salaries payable
7,300Taxes payableCommon stock
5,20031,500Additional paid-in capital – CommonRetained earnings
15,400427,600Dividends25,400
Service revenue
475,000Salaries expense335,600
Depreciation expense25,100
Supplies expense12,950
Insurance expense8,200
Miscellaneous expense30,850
Utilities expense5,100
Total$1,237,200$1,237,200Transfer 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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