Solution-Prepare in proper form an income statement

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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Prepare in proper form an income statement

Reference no: EM132879684

Reference no: EM132879684

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