Prepare (a) a single-step income statement, (b) a statement of owner’s equity, and (c) a balance sheet in report form from the following data for Kooper Co., taken from the ledger after adjustment on December 31, 2010 the end of the fiscal year
| Accounts Payable | $ 97,200 |
| Accounts Receivable | 64,300 |
| Accumulated Depreciation – Office Equipment | 72,750 |
| Accumulated Depreciation – Store Equipment | 162,100 |
| Administrative Expenses | 56,500 |
| Maeve Kooper, Capital | 81,750 |
| Cash | 53,000 |
| Cost of Merchandise Sold | 121,700 |
| Maeve Kooper, Drawing | 52,000 |
| Interest Expense | 12,000 |
| Merchandise Inventory | 93,250 |
| Note Payable, Due 2012 | 154,000 |
| Office Equipment | 149,750 |
| Prepaid Insurance | 6,500 |
| Rent Revenue | 17,500 |
| Salaries Payable | 28,700 |
| Sales (net) | 365,500 |
| Selling Expenses | 41,500 |
| Store Equipment | 325,000 |
| Supplies | 4,000 |
Darshita Changed status to publish February 17, 2020
| Kooper Co. | |||
| Balance Sheet | |||
| December 31, 2010 | |||
| Assets | |||
| Current assets: | |||
| Cash | $53,000 | ||
| Accounts receivable | 64300 | ||
| Merchandise inventory | 93250 | ||
| Prepaid insurance | 6500 | ||
| Supplies | 4,000 | ||
| Total current assets | $221,050 | ||
| Property, plant, and equipment: | |||
| Store equipment | $325,000 | ||
| Less Accumulated depreciation | 162,100 | $162,900 | |
| Office equipment | $ 149,750 | ||
| Less Accumulated depreciation | 72,750 | 77,000 | |
| Total property, plant, and equipment | 239,900 | ||
| Total assets | $460,950 | ||
| Liabilities | |||
| Current liabilities: | |||
| Accounts payable | $97,200 | ||
| Salaries payable | 28,700 | ||
| Total current liabilities | $ 125,900 | ||
| Long-term liabilities: | |||
| Note payable (due 2012) | 154,000 | ||
| Total liabilities | $279,900 | ||
| Owner’s Equity | |||
| Maeve Kooper, Capital | 181,050 | ||
| Total liabilities and owner’s equity | $460,950 | ||
Darshita Changed status to publish February 17, 2020
