The Turtle Company has prepared the following adjusted trial balance for the year ended

December 31, 2007:

Required
Prepare for 2007 in proper form:
(1) An income statement,
(2) A retained earnings statement,
(3) An ending balance sheet, and
(4) Closingentries.

Transcribed Image Text:

Debit S 1,700 Credit Cash Accounts receivable (net) Inventory Equipment Accumulated depreciation Accounts payable Salaries payable Income taxes payable Capital stock (400 shares) Retained earnings Dividends distributed Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense $1,700 2,300 360 3,200 2,500 200 7,900 4,300 1,800 600 $18,260 $18,260