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Prepare in proper form an income statement

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Reference no: EM132879684

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 

$1,700

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 

1,800

Administrative Expenses 

600

Income Tax Expense 

360

Totals

$18,260

$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.

Reference no: EM132879684

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