Question

Question 11 of 14 5 > Current Attempt in Progress The adjusted trial balance of Joseph Cooper Co. as of December 31, 2020, contains the following. Credit JOSEPH COOPER CO. ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $20,012 Accounts Receivable 7,460 Prepaid Rent 2.820 Equipment 18,590 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends 3.540 Service Revenue Salaries and Wages Expense 7.380 Rent Expense 2.218 Depreciation Expense 187 Interest Expense 125 Interest Payable $62,332 $5,435 6,240 6,012 20.540 11,850 12.130 125 $62.332

Answer 1

JOSEPH COOPER CO.
Income Statement
For the Year Ended December 31, 2020
	$	$
Revenue:
Service revenue	12,130.00
Total Revenue		12,130.00
Less Expenses:
Salaries and wages expense	7,380.00
Rent expense	2,218.00
Depreciation expense	187.00
Interest Expense	125.00
Total Expenses		9,910.00
Net Income (Loss)		2,220.00

Joseph Cooper Co.
Statement of Retained Earnings
For the Year Ended December 31, 2020
	$
Beginning Retained earnings	11,850.00
Add: Net income	2,220.00
	14,070.00
Less: Dividends	(3,540.00)
Ending Retained earnings	10,530.00

Joseph Cooper Co.
BALANCE SHEET
AS OF DECEMBER 31, 2020
	$	$
Assets
Current Assets
Cash	20,012.00
Accounts receivable	7,460.00
Prepaid Rent	2,820.00
Total current assets		30,292.00
Property, Plant and Equipment
Equipment	18,590.00
Less: Accumulated depreciation - Equipment	(5,435.00)
		13,155.00
Total assets		43,447.00
Total Liabilities and stockholders’ equity
Total liabilities
Accounts payable	6,012.00
Notes Payable	6,240.00
Interest Payable	125.00
Total liabilities		12,377.00
Stockholder's Equity
Common stock	20,540.00
Retained earnings	10,530.00
Total Stockholder's Equity		31,070.00
Total liabilities and Stockholder's Equity		43,447.00