Turtle Company has prepared the following adjusted trial balance for the year ended December 31, 2019: Turtle Company ADJUSTED TRIAL BALANCE December 31, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 1,700.00 2 Accounts Receivable 2,200.00 3 Inventory 1,800.00 4 Equipment 5,400.00 5 Accumulated Depreciation 1,700.00 6 Accounts Payable 2,200.00 7 Salaries Payable 300.00 8 Income Taxes Payable
Turtle Company has prepared the following adjusted trial balance for the year ended December 31, 2019: Turtle Company ADJUSTED TRIAL BALANCE December 31, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 1,700.00 2 Accounts Receivable 2,200.00 3 Inventory 1,800.00 4 Equipment 5,400.00 5 Accumulated Depreciation 1,700.00 6 Accounts Payable 2,200.00 7 Salaries Payable 300.00 8 Income Taxes Payable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Turtle Company has prepared the following adjusted trial balance for the year ended December 31, 2019:
Turtle Company
ADJUSTED TRIAL BALANCE
December 31, 2019
| ACCOUNT TITLE | DEBIT | CREDIT | |
|---|---|---|---|
|
1
|
Cash
|
1,700.00
|
|
|
2
|
|
2,200.00
|
|
|
3
|
Inventory
|
1,800.00
|
|
|
4
|
Equipment
|
5,400.00
|
|
|
5
|
|
|
1,700.00
|
|
6
|
Accounts Payable
|
|
2,200.00
|
|
7
|
Salaries Payable
|
|
300.00
|
|
8
|
Income Taxes Payable
|
|
660.00
|
|
9
|
Common Stock (400 shares)
|
|
3,200.00
|
|
10
|
|
|
1,700.00
|
|
11
|
Dividends
|
200.00
|
|
|
12
|
Sales Revenue
|
|
8,500.00
|
|
13
|
Cost of Goods Sold
|
3,900.00
|
|
|
14
|
Selling Expenses
|
1,800.00
|
|
|
15
|
Administrative Expenses
|
600.00
|
|
|
16
|
Income Tax Expense
|
660.00
|
|
|
17
|
Totals
|
18,260.00
|
18,260.00
|
Required:
| For 2019, prepare in proper form: (1) an income statement, (2) a retained earnings statement, (3) an ending |
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