prepare income statment and statment of income change for year 2020 Below is the...
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prepare income statment and statment of income change for year 2020
Below is the year-end adjusted trial balance for Coopers Accounting. Coopers Accounting Trial Balance For Year Ended December 31, 2020 Account Debit(s) Credit($) Accumulated depreciation, Building 1,500 Salaries payable 7,000 Coopers Majeau, capital 10,000 Office supplies expense 900 Prepaid insurance 1,100 Accumulated depreciation, Equipment 1,200 Telephone expense 1,000 Land 50,000 Coopers Majeau, withdrawals 5,000 Accounts receivable 2.200 Equipment 15,000 Repairs expense 5,000 Copyright 900 Long term notes receivable 3,000 Office supplies Building 150,000 Depreciation expense, Building 500 Rent expense 1.100 Notes payable 11,000 Unearned accounting fees carned 3,000 Depreciation expense, Equipment 600 Insurance expense 100 Accounting fees earned 211,400 Cash 8,000 Totals 245,100 245,100 1. The current portion of the notes payable due in 7 months is $3,000 2. $5,000 was invested during the year 3. The current portion of the notes receivable due in 2021 is $1,000 700
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