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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
 
660.00
9
Common Stock (400 shares)
 
3,200.00
10
Retained Earnings
 
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 balance sheet, and (4) closing entries.
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