Reference no: EM132848957
Question - The following items are taken from the financial statements of Cooper Ltd. for the year ended December 31, 2015:
Accounts payable $19,500
Accounts receivable 4,000
Accumulated depreciation - equipment 4,800
Bonds payable 18,000
Cash 22,000
Common shares (1,500 shares issued) 25,000
Cost of goods sold 12,000
Depreciation expense 4,800
Dividends 300
Equipment 48,000
Goodwill 7,500
Income tax expense 1,000
Interest expense 3,500
Market price per common share $4.50
Retained earnings, beginning 16,000
Salaries expense 8,200
Sales revenue 32,500
Supplies 4,500
Required - Make an Income Statement and a classified Balance Sheet for 2015.
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