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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.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 25E: Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and...
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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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