Prepare Financial Statements from Adjusted Trial Balance
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Prepare Financial Statements from Adjusted Trial Balance Worksheet
The adjusted balances taken from the general ledger of Coopertown Suppliers, Inc. are listed below in general ledger order. Transfer these accounts and balances to a spreadsheet worksheet and prepare an Income statement, Balance Sheet, and Statement of Retained Earnings all in good form using proper headings for each statement.
Coopertown Suppliers, Inc.
DR CR
cash $12,950
accounts receivable $28,150
supplies $4,400
prepaid insurance $9,500
land $100,000
buildings $360,000
equipment $260,000
accumulated depreciation - equipment $269,900
accounts payable $33,300
salaries payable $3,300
common stock $1,500
retained earnings $427,600
dividends $25,000
service fees $475,000
rent revenue $5,000
salaries expense $340,600
depreciation expense $25,100
supplies expense $10,950
insurance expense $3,000
miscellaneous selling and admin expense $30,850
utilities expense $5,100
Total $1,215,600 $1,215,600
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Solution Summary
Prepare Financial Statements from Adjusted Trial Balance Worksheet
The adjusted balances taken from the general ledger of Coopertown Suppliers, Inc. are listed below in general ledger order. Transfer these accounts and balances to a spreadsheet worksheet and prepare an Income statement, Balance Sheet, and Statement of Retained Earnings all in good form using proper headings for each statement.
Detailed solution contained in attached MS Excel spreadsheet.
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