Accounting

 

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.                  
    DR CR                  
  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 paid-in capital – Common   15,400                  
  Retained earnings 427,600                  
  Dividends 25,400                    
  Service revenue   475,000                  
  Salaries expense 335,600                    
  Depreciation expense 25,100                    
  Supplies expense 12,950                    
  Insurance expense 8,200                    
  Miscellaneous expense 30,850                    
  Utilities expense 5,100                    
  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.
                         
                         
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