Homework Answers
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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Financial Statements Income Statem Instructions 1 Cash 1,700.00 2,000.00 2 Accounts Receivable 3 Inventory 1,800.00 5,400.00...
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Instructions Turtle Company has prepared the following adjusted trial balance for the year onded December 31, 2019: Turtle Company ADJUSTED TRIAL BALANCE December 31, 2019 ACCOUNT TITLE DERIT CREDIT 1 Cash 1.700.00 2 Accounts Receivable 2,200.00 Inventory 1,800.00 5,400.00 1.700.00 Equipment 5 Accumulated Depreciation Accounts Payable Salaries Payable 2,200.00 300.00 Insurucuons 660.00 3,200.00 3 Income Taxes Payable Common Stock (400 shares) 50 Retained Earnings 11 Dividends 1,700.00 200.00 12 Sales Revenue 8,500.00 13 Cost of Goods Sold 3,900.00 14 Selling...
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