Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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Question
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
|
|
2,000.00
|
|
3
|
Inventory
|
1,800.00
|
|
4
|
Equipment
|
5,400.00
|
|
5
|
|
|
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
|
|
|
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
|
SAVE
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