Financial Statements The Turtle Company has prepared the following adjusted trial balance for the year ended December 31, 2007:
|
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 |
|
|
Capital stock (400 shares) |
3,200 |
|
|
Retained earnings |
2,500 |
|
|
Dividends distributed |
200 |
|
|
Sales revenue |
||
|
Cost of goods sold |
4,300 |
|
|
Selling expenses |
1,800 |
|
|
Administrative expenses |
600 |
|
|
Income tax expense |
360 |
|
|
Totals |
$18,260 |
$18,260 |
Required
Prepare for 2007 in proper form: (1) an income statement, (2) a retained earnings statement, (3) an ending balance sheet, and (4) closing entries.