Solution-Prepare an income statement

Prepare an income statement

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Reference no: EM13257317

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.

Reference no: EM13257317

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Prepare an income 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 sta..

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Prepare an income statement

Reference no: EM13257317

Reference no: EM13257317

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