The adjusted trial balance for Tybalt Construction as of December 31, 2015, foll

Question

The adjusted trial balance for Tybalt Construction as of December 31, 2015, follows.

   

  

The December 31, 2014, credit balance of Retained Earnings account was $133,900. Tybalt Construction is required to make a $9,500 payment on its long-term notes payable during 2016.

Required:

1.1 Prepare the income statement for the calendar year 2015

1.2 Prepare the statement of retained earnings for the calendar year 2015

1.3 Prepare the classified balance sheet at Decemeber 31,2015

The adjusted trial balance for Tybalt Construction as of December 31, 2015, follows.

Explanation / Answer

Income Statement for the Calander Year 2015

Statement of Retained Earnings

For the Year ended dec 31 2015

BAlance Sheet

As on dec 31 2015

($) ($) Income 133600 Professional Fees Earned 107000 Rent Earned 21500 Dividend Earned 2500 Interest Earned 2600 Less Expenses (122800) Depreciation Expense - building 13500 Depreciation Expense - Equipment 8500 wages Expense 34500 Interst Expense 5600 Insurance Expense 10500 Rent Expense 13900 Supplies Expense 7900 Postage Expense 4700 Property tax expense 5500 Repairs Expense 9400 Utilities Expense 5100 Telephone Expense 3700 Net Profit 10800

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