Answer and Explanation:
The presentation of each of the financial statement is presented below:
1.
GARY COOPER CO.
Income Statement
For the Year Ended December 31, 2020
Particulars Amount
Revenues:
Service revenue $13,010
Total revenue (a) $13,010
Less: Expenses:
Salaries and wages expense $8,260
Rent expense $2,154
Depreciation expense $251
Interest expense $189
Total expenses (b) $10,854
Net Income (a - b) $2,156
2.
GARY COOPER CO.
Retained Earnings Statement
For the Year Ended December 31, 2020
Particulars Amount
Beginning balance of Retained earnings $12,730
Add: Net income $2,156
Less: Dividends -$4,420
Ending balance of Retained earnings $10,466
3.
GARY COOPER CO.
Balance Sheet
For the Year Ended December 31, 2020
Assets:
Cash $20,892
Accounts receivables $8,340
Prepaid rent $3,700
Equipment 19470
Less: Accumulated depreciation
on equipment ($6,315) $13,155
Total Assets $46,087
Liabilities and Stockholder's Equity:
Current Liabilities:
Accounts payable $6,892
Notes payable $7,120
Interest payable $189
Total Current liabilities $14,201
Stockholder's equity:
Common stock $21,420
Retained earnings $10,466
Total Stockholder's Equity $31,886
Total Liabilities and Stockholder's Equity $46,087
