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Preparing Financial Statements

Prepare Financial Statements from the following "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.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.
Coopertown Suppliers, Inc.
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 5,200
Common stock 31,500
Additional aid in capitial 15,400
Retained earnings 427,600
Dividneds 25,400
Service revenue 475,000
Salaries Expense 335,000
Depreciation expense 25,100
Supplies expense 12,950
Insurance expense 8,200
Miscellaneous expenses 30,850
Utilities expense 5,100
Total 1,237,200

Hint: Total assets = $554,100 (as does Total liabilities and Stockholders' equity).

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Solution Summary

The expert prepares financial statements.