prepare for 2007 in proper form 1 an income statement 2 a retained earnings statemen 562552

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.

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