Question

The adjusted trial balance of Daniel Cooper Co. as of December 31, 2020, contains the following. DANIEL COOPER CO. ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $20,177 Accounts Receivable 7,625 Prepaid Rent 2,985 Equipment 18,755 Accumulated Depreciation Equipment $5,600 Notes Payable 6,405 Accounts Payable 6,177 Common Stock 20,705 Retained Earnings 12,015 Dividends 3,705 Service Revenue 12,295 Salaries and Wages Expense 7,545 Rent Expense 2,206 Depreciation Expense 199 Interest Expense 137 Interest Payable 137 $63,334 $63,334

Please fill out an Income Statement, Balance sheet, and Statement of R/E.

Answer 1

$ 12.295 DANIEL COOPER CO. Income statement For the Year Ended December 31, 2020. Revenue Service Revue S 12.295 Total Revenue Expenses : Salaries and wages Expenses $ 7,545 Rent Expenses $ 2.206 Depreciation Expenses $ 199 Interest Expenses S 137 Total Expenses Net Income $ S 10,087 2.208 DANIEL COOPER CO. Statement of Retained Earnings For the Year Ended December 31, 2020. Retained Earnings Opening balance Add: Net Income $ $ $ S $ 12.015 2.208 14,223 3,705 10,518 Less: Dividend paid Retained Earnings ending Balance

$ $ S 20,177 7.625 2.985 $ 30,787 DANIEL COOPER CO. Balance Sheet As on December 31,2020. Assets Current assets Cash Accounts Receivables Prepaid Rent Total Current Assets Plant and Equipment Equipment Less: Accumulated Depreciation: Equipment Plant and Equipment Net Total Assets Liabilities & shareholders Equity Current Liabilities Accounts Payable Interest Payable Total Current Assets Long Term Borrowings Notes Payable Total Liabilities $ S 18.755 5,600 $ S 13,155 43,942 $ S S 6,177 137 6,314 S 6,405 S 12,719

Shareholders Equity Common stock Retained Earnings Total stockholders Equity Total Liabilities and Shareholders Equity S S 20.705 10,518 S S 31.223 43,942