The adjusted trial balance for Tybalt Construction as of December 31, 2017, foll
ID: 2589387 • Letter: T
Question
The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows.
O. Tybalt invested $6,500 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $126,300). Tybalt Construction is required to make a $8,500 payment on its long-term notes payable during 2018.
Required:
1a. Prepare the income statement for the calendar-year 2017.
1b. Prepare the statement of owner's equity for the calendar-year 2017.
1c. Prepare the classified balance sheet at December 31, 2017.
2. Prepare the necessary closing entries at December 31, 2017.
3. Use the information in the financial statements to compute the following ratios:
Adjusted Trial Balance
December 31, 2017 No. Account Title Debit Credit 101 Cash $ 6,500 104 Short-term investments 22,000 126 Supplies 8,000 128 Prepaid insurance 8,300 167 Equipment 50,000 168 Accumulated depreciation—Equipment $ 25,000 173 Building 162,000 174 Accumulated depreciation—Building 54,000 183 Land 68,020 201 Accounts payable 16,500 203 Interest payable 3,000 208 Rent payable 3,200 210 Wages payable 2,400 213 Property taxes payable 1,200 233 Unearned professional fees 7,400 251 Long-term notes payable 68,000 301 O. Tybalt, Capital 132,800 302 O. Tybalt, Withdrawals 10,000 401 Professional fees earned 100,000 406 Rent earned 15,500 407 Dividends earned 2,000 409 Interest earned 2,400 606 Depreciation expense—Building 11,880 612 Depreciation expense—Equipment 7,500 623 Wages expense 28,500 633 Interest expense 4,800 637 Insurance expense 7,300 640 Rent expense 11,600 652 Supplies expense 7,100 682 Postage expense 3,500 683 Property taxes expense 3,100 684 Repairs expense 7,800 688 Telephone expense 2,100 690 Utilities expense 3,400 Totals $ 433,400 $ 433,400 Required 1A |Required 1BRequired 1C Required 2 Required 3 Prepare the income statement for the calendar year 2017. TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2017 Revenues Total revenues Expenses Total expenses
Explanation / Answer
1A.
1B.
1C.
2.
3.
Note: All ratios are rounded to two decimal places.
TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2017 Revenues Professional fees 100000 Rent 15500 Dividends 2000 Interest 2400 Total revenues 119900 Expenses Depreciation expense-Building 11880 Depreciation expense-Equipment 7500 Wages expense 28500 Interest expense 4800 Insurance expense 7300 Rent expense 11600 Supplies expense 7100 Postage expense 3500 Property taxes expense 3100 Repairs expense 7800 Telephone expense 2100 Utilities expense 3400 Total expense 98580 Net income 21320Related Questions
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