Turtle Company has prepared the following adjusted trial balance for the year ended December 31, 2016:
Turtle Company
ADJUSTED TRIAL BALANCE
December 31, 2016
| ACCOUNT TITLE | DEBIT | CREDIT |
|
1
|
Cash
|
1,700.00
|
|
|
2
|
Accounts Receivable
|
2,100.00
|
|
|
3
|
Inventory
|
1,800.00
|
|
|
4
|
Equipment
|
5,400.00
|
|
|
5
|
Accumulated Depreciation
|
|
1,700.00
|
|
6
|
Accounts Payable
|
|
2,300.00
|
|
7
|
Salaries Payable
|
|
300.00
|
|
8
|
Income Taxes Payable
|
|
360.00
|
|
9
|
Common Stock
|
|
3,200.00
|
|
10
|
Retained Earnings
|
|
2,500.00
|
|
11
|
Dividends
|
200.00
|
|
|
12
|
Sales Revenue
|
|
7,900.00
|
|
13
|
Cost of Goods Sold
|
4,300.00
|
|
|
14
|
Selling Expenses
|
1,800.00
|
|
|
15
|
Administrative Expenses
|
600.00
|
|
|
16
|
Income Tax Expense
|
360.00
|
|
|
17
|
Totals
|
18,260.00
|
18,260.00
|
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.