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    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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    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.

    $2.19

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