Financial Statements from Adjusted Trial Balance

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. DRCRCash$12,950 Accounts receivable28,150 Supplies8,400 Prepaid insurance9,500 Land115,000 Buildings360,000 Equipment260,000 Accumulated depreciation $239,900Accounts payable 35,300Salaries payable 7,300Taxes payableCommon stock  5,20031,500Additional paid-in capital – CommonRetained earnings 15,400427,600Dividends25,400 Service revenue 475,000Salaries expense335,600 Depreciation expense25,100 Supplies expense12,950 Insurance expense8,200 Miscellaneous expense30,850 Utilities expense5,100 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.