See the following table for the chart pertaining to Coopertown Suppliers, Inc.
Task: Prepare financial statements from adjusted trial balances. The adjusted balances taken from the general ledger of Coopertown Suppliers, Inc. is listed 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.
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Coopertown Suppliers, Inc.
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DR
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CR
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cash
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$12,950
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accounts receivable
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$28,150
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supplies
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$4,400
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prepaid insurance
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$9,500
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land
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$100,000
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buildings
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$360,000
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equipment
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$260,000
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accumulated depreciation - equipment
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$269,900
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accounts payable
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$33,300
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salaries payable
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$3,300
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common stock
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$1,500
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retained earnings
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$427,600
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dividends
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$25,000
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service fees
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$475,000
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rent revenue
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$5,000
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salaries expense
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$340,600
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depreciation expense
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$25,100
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supplies expense
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$10,950
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insurance expense
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$3,000
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miscellaneous selling and admin expense
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$30,850
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utilities expense
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$5,100
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Total
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$1,215,600
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$1,215,600
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