(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.