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Problem - Financial Statements - Turtle Company has prepared the following adjusted trial balance for the year ended December 31, 2019:
Debit
Credit
Cash
$1,700
Accounts Receivable (net)
2,100
Inventory
1,800
Equipment
5,400
Accumulated Depreciation
Accounts Payable
2,300
Salaries Payable
300
Income Taxes Payable
360
Common Stock (400 shares)
3,200
Retained Earnings
2,500
Dividends
200
Sales Revenue
7,900
Cost of Goods Sold
4,300
Selling Expenses
Administrative Expenses
600
Income Tax Expense
Totals
$18,260
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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