Turtle Company ADJUSTED TRIAL BALANCE December 31, 2016 ACCOUNT TITLE DERIT CREDIT 1 Cash 1,700.00 2 Accounts Receivable 2.000.00 1,800.00 5.400.00 1.700.00 3 Inventory Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Salaries Payable * Income Taxes Payable 2.200.00 300.00 > 660.00 . Common Stock 3,200.00 10 Retained Earnings 1,500.00 11 Dividends 200.00 22 Sales Revenue 8.500.00 13 Cost of Goods Sold 3,900.00 1.800.00 14 Selling Expenses 600.00 15 Administrative Expenses 16 Income Tax Expense 660.00 17 Totals 18.060.00 18.060.00 Required: For 2016, prepare in proper form: (1) an income statement, (2) a retained earnings statement, (3) an ending balance sheet, and (4) closing entries Chart of Accounts CHART OF ACCOUNTS Turtle Company General Ledger ASSETS REVENUE 411 Sales Revenue 111 Cash 121 Accounts Receivable EXPENSES 141 Inventory 510 Cost of Goods Sold 183 Equipment 510 Cost of Goods Sold 183 Equipment 189 Accumulated Depreciation 624 Selling Expenses 699 Administrative Expenses LIABILITIES 910 Income Tax Expense 211 Accounts Payable 230 Salaries Payable 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings 351 Dividends 391 Income Summary General Journal Prepare closing entries on December 31, 2016. Additional Instructions GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF DEBIT CREDIT 1 Closing Entries 2 5 4 9 10 11 12 Labels and Amount Descriptions Labels Contributed Capital Current Assets Current Liabilities December 31, 2016 For the Year Ended December 31, 2016 Long-term Liabilities Operating expenses Property, plant, and Equipment Amount Descriptions Add Dividends for 2016 Add Net income for 2016 Earnings per share Gross profit Income before income taxes Less: Dividends for 2016 Less Net loss for 2016 Net income KLETSTOZU Net income Net loss Retained earings, December 31, 2016 Retained earnings, January 1, 2016 Total Assets Total current assets Total Liabilities Total Liabilities and Shareholders' Equity Total operating expenses Total property, plant, and equipment Total Shareholders' Equity Income Statement Prepare an income statement for 2016 Additional Instructions TURTLE COMPANY Income Statement TURTLE COMPANY Income Statement (Label) 1 2 3 (Label) 5 10 11 12 Earnings per share (400 shares) Retained Earnings Statement Prepare the company's retained earnings statement for 2016. Additional Instructions TURTLE COMPANY Retained Earnings Statement (Label) > Balance Sheet Prepare the balance sheet at December 31, 2016. Additional Instructions Balance Sheel Prepare the balance sheet at December 31, 2016. Additional Instructions TURTLE COMPANY Balance Sheet (Label) 1 Assets 2 (Label) > 5 6 7 (Label) 8 10 11 9 10 11 12 Liabilities 15 (Label) 14 15 16 17 Shareholders' Equity 19 (Label) 20 21 22
