The adjusted trial balance of Anderson Cooper Co. as of December 31, 2017, contains the following.

ANDERSON COOPER CO. ADJUSTED TRIAL BALANCE DECEMBER 31, 2017
	Dr.	Cr
Cash	\(19,472
Accounts Receivable	6,920
Prepaid Rent	2,280
Equipment	18,050
Accumulated Depreciation—Equipment		\) 4,895
Notes Payable		5,700
Accounts Payable		5,472
Common Stock		20,000
Retained Earnings		11,310
Dividend	3,000
Service Revenue		11,590
Salaries and Wages Expense	6,840
Rent Expense	2,260
Depreciation Expense	145
Interest Expense	83
Interest Payable		83
	\(59,050	\)59,050

Instructions

(a) Prepare an income statement.

(b) Prepare a statement of retained earnings.

(c) Prepare a classified balance sheet.

ANDERSON COOPER CO.

Income Statement

DECEMBER 31, 2017

Revenues

Service revenue

$11,590

Expenses

Salaries and wages expense $6,840

Rent expense2,260

Depreciation expense 145

Interest expense83

9,328

Net Income

$2,262

ANDERSON COOPER CO.

Retained Earnings Statement

DECEMBER 31, 2017

Retained earnings on January 1

$11,310

Add: Net Income

2,262

13,572

Less: Dividends

3,000

Retained earnings, December 31

$10,572

ANDERSON COOPER CO.

Balance Sheet

DECEMBER 31, 2017

Assets

Current assets

Cash

$19,472

Accounts receivables

6,920

Prepaid rent

2,280

Total current assets

28,672

Property, plant, and equipment

Equipment $18,050

Accumulated depreciation-equipment (4,895)

13,155

Total assets

$41,827

Liabilities and stockholders’ Equity

Current liabilities

Account payable

$5,472

Interest payable

83

Total current liabilities

5,555

Non-current liabilities

Notes payable

5,700

Total non-current liabilities

5,700

Total liabilities

$11,255

Stockholders’ equity

Common stock $20,000

Retained earnings 10,572

30,572

Total liabilities and stockholders’ equity

$41,827