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Financial Statements Income Statem Instructions 1 Cash 1,700.00 2,000.00 2 Accounts Receivable 3 Inventory 1,800.00 5,400.00
Shaced ceis have feedback Income Statement Operating expenses: Selling expenses Administrative expenses $1,800.00 600.00 2,40


ce Set Score: 68/79 TURTLE COMPANY Income Statement For the Year Ended December 31, 2019 $8,500.00 3,900.00 1 Sales revenue 2
Financial Statements Retained Earnings Statement Shaded cels have feedback 2. Prepare the companys retained earnings stateme
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Answer #1

TURTLE COMPANY

INCOME STATEMENTS

FOR THE YEAE ENDED 31 DEC, 2019

1. Sales Revenue 8,500
2. Cost of goods sold 3,900
3. Gross ptofit 4,600
4. Operating expenses
5. Selling expenses 1,800
6. Administrative expenses 6,00
7. 2,400
8. Income before income taxes 2,200
9. Income tax expenses 6,60
10. Net income 1,540
11.
12. Earning per share (400 share) 3.85

TURTLE COMPANY

RETAINED EARNINGS

FOR THE YEAR ENDED 31 DEC,2019

1. Retained earnings, January 1, 2019 1,300
2. Add: Net income 1,540
3. 2,840
4. Less: Dividend 200
5. Retained earnings, January 31, 2019 2,640
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