Presented below is the adjusted trial balance for Cooper Company on December 31,

ID: 2422862 • Letter: P

Question

Presented below is the adjusted trial balance for Cooper Company on December 31, 2015.

COOPER COMPANY

Adjusted Trial Balance

December 31, 2015

Dr. Cr.

Cash $ 1,500

Accounts Receivable 4,300

Prepaid Rent 2,100

Supplies 400

Automobile equipment 18,500

Accumulated depreciation—

Automobile equipment $ 1,300

Accounts Payable 2,700

Unearned Revenue 3,660

Notes Payable 10,000

Common Stock 5,000

Retained Earnings 2,200

Dividends 1,200

Service Revenue 8,800

Salaries Expense 2,160

Utilities Expense 1,400

Rent Expense 500

Supplies Expense 600

Depreciation Expense—

Automobile Equipment 650

Interest Expense 350

Totals $33,660 $33,660

Using this information, prepare for the month ending December 31:

A retained earnings statement.

Net income for the current year = Service revenue - All expenses = 8800 - 2160 - 1400 - 500 - 650 - 600 - 350 = $3140

Retained Earning Statement

Opening balance of Retained Earning = 2200

Add: Net income for the year = 3140

Less: Dividends Paid During the year = 1200

Closing balance of Retained Earning = 4140

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