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    Preparing Financial Statements

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    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.