Solution – prepare financial statements from adjusted trial balance

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Prepare Financial Statements from Adjusted Trial Balance Worksheet (110 pts) 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 Common stock     5,200 31,500 Additional paid-in capital – Common Retained earnings   15,400 427,600 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.