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Turtle Company has prepared the following adjusted trial balance for the year ended December 31, Year 1:   Turtle Company ADJUSTED TRIAL BALANCE December 31, 20--     ACCOUNT TITLE DEBIT CREDIT 1 Cash 1,700.00   2 Accounts Receivable 2,000.00   3 Inventory 1,800.00   4 Equipment 5,400.00   5 Accumulated Depreciation   1,700.00 6 Accounts Payable   2,400.00 7 Salaries Payable   300.00 8 Income Taxes Payable   660.00 9 Common Stock (400 shares)   3,200.00 10 Retained Earnings   1,300.00 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 18,060.00 18,060.00       Required:   For Year 1, prepare in proper form: (1) an income statement, (2) a retained earnings statement, (3) an ending balance sheet, and (4) closing entries.

Turtle Company has prepared the following adjusted trial balance for the year ended December 31, Year 1:   Turtle Company ADJUSTED TRIAL BALANCE December 31, 20--     ACCOUNT TITLE DEBIT CREDIT 1 Cash 1,700.00   2 Accounts Receivable 2,000.00   3 Inventory 1,800.00   4 Equipment 5,400.00   5 Accumulated Depreciation   1,700.00 6 Accounts Payable   2,400.00 7 Salaries Payable   300.00 8 Income Taxes Payable   660.00 9 Common Stock (400 shares)   3,200.00 10 Retained Earnings   1,300.00 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 18,060.00 18,060.00       Required:   For Year 1, prepare in proper form: (1) an income statement, (2) a retained earnings statement, (3) an ending balance sheet, and (4) closing entries.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
Section: Chapter Questions
Problem 2.5E: Classification of Assets and Liabilities Indicate the appropriate classification of each of the...
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Turtle Company has prepared the following adjusted trial balance for the year ended December 31, Year 1:
 
Turtle Company
ADJUSTED TRIAL BALANCE
December 31, 20--
 
  ACCOUNT TITLE DEBIT CREDIT
1
Cash
1,700.00
 
2
Accounts Receivable
2,000.00
 
3
Inventory
1,800.00
 
4
Equipment
5,400.00
 
5
Accumulated Depreciation
 
1,700.00
6
Accounts Payable
 
2,400.00
7
Salaries Payable
 
300.00
8
Income Taxes Payable
 
660.00
9
Common Stock (400 shares)
 
3,200.00
10
Retained Earnings
 
1,300.00
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
18,060.00
18,060.00
 
 
 
Required:
 

For Year 1, 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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