(Prepare Financial Statements) The adjusted
trial balance of Anderson Cooper Co. as of December 31, 2020,
contains the following.
Instructions
a. Prepare an income statement.
b. Prepare a retained earnings statement.
c. Prepare a classified balance sheet.
| Anderson Cooper Co. Adjusted Trial Balance December 31, 2020 |
||||
| Dr. | Cr. | |||
| Cash | $19,472 | |||
| Accounts Receivable | 6,920 | |||
| Prepaid Rent | 2,280 | |||
| Equipment | 18,050 | |||
| Accumulated Depreciation—Equipment | $ 4,895 | |||
| Notes Payable | 5,700 | |||
| Accounts Payable | 5,472 | |||
| Common Stock | 20,000 | |||
| Retained Earnings | 11,310 | |||
| Dividends | 3,000 | |||
| Service Revenue | 11,590 | |||
| Salaries and Wages Expense | 6,840 | |||
| Rent Expense | 2,260 | |||
| Depreciation Expense | 145 | |||
| Interest Expense | 83 | |||
| Interest Payable | 83 | |||
| $59,050 | $59,050 | |||
a. Prepare an income statement.
b. Prepare a retained earnings statement.
c. Prepare a classified balance sheet.