Accounting 1 - Master 16 Weeks: Master 16 Weeks section 1015 and 1016 Ch 4 - HW instructions | help Time remaining: 1:56:43 6. value: 0.35 points Problem 4-5A Preparing closing entries, financial statements, and ratios LO C3, A1, P2 The adjusted trial balance for Tybalt Construction as of December 31, 2013, follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2013 No. Account Title Debit Credit 101 Cash $ 6,500 104 Short-term investments 24,500 126 Supplies 9,200 128 Prepaid insurance 8,000 167 Equipment 50,000 168 Accumulated depreciationEquipment $ 25,000 173 Building 150,000 174 Accumulated depreciationBuilding 50,000 183 Land 70,700 201 Accounts payable 17,500 203 Interest payable 2,900 208 Rent payable 3,900 210 Wages payable 2,900 213 Property taxes payable 1,200 233 Unearned professional fees 7,400 251 Long-term notes payable 65,500 301 O. Tybalt, Capital 133,400 302 O. Tybalt, Withdrawals 11,600 401 Professional fees earned 98,000 406 Rent earned 15,500 407 Dividends earned 2,300 409 Interest earned 2,900 606 Depreciation expenseBuilding 11,000 612 Depreciation expenseEquipment 7,500 623 Wages expense 27,500 633 Interest expense 4,700 637 Insurance expense 7,300 640 Rent expense 12,500 652 Supplies expense 6,400 682 Postage expense 3,600 683 Property taxes expense 3,500 684 Repairs expense 7,100 688 Telephone expense 2,900 690 Utilities expense 3,900 Totals $ 428,400 $ 428,400 O. Tybalt invested $6,500 cash in the business during year 2013 (the December 31, 2012, credit balance of the O. Tybalt, Capital account was $126,900). Tybalt Construction is required to make a $6,500 payment on its long-term notes payable during 2014. Required: 1.1 Prepare the income statement for the calendar-year 2013. 1.2 Prepare the statement of owner's equity for the calendar-year 2013. 1.3 Prepare the classified balance sheet at December 31, 2013. 2. Prepare the necessary closing entries at December 31, 2013. Closing entries (all dated December 31, 2013): 3. Use the information in the financial statements to compute the following ratios: Hi i need this answer in 1 hour and 20 min to be completed. rev: 02_06_2013_QC_26274 check my workreferencesebook & resources 2013 McGraw-Hill Education. All rights reserved