Check my work The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit $ 25,000 60,000 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 No. Account Title Debit 101 Cash $ 6,500 104 Short-term investments 22,000 126 Supplies 9,300 128 Prepaid insurance 7,400 167 Equipment 50,000 168 Accumulated depreciation-Equipment 173 Building 180,000 174 Accumulated depreciation-Building 183 Land 49, 100 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 233 Unearned professional fees 244 Current portion of long term note payable 251 Long-term notes payable 307 Common stock 318 Retained earnings 319 Dividends 12,000 401 Professional fees earned 406 Rent earned 407 Dividends earned 409 Interest earned 606 Depreciation expense-Building 13,200 612 Depreciation expense-Equipment 7,500 623 Wages expense 28,500 633 Interest expense 4,400 637 Insurance expense 7,300 640 Rent expense 12,900 652 Supplies expense 6,000 682 Postage expense 3,600 683 Property taxes expense 3,700 684 Repairs expense 8,000 688 Telephone expense 2,000 690 Utilities expense 4,600 Totals $438,000 16,500 2,200 3,200 2,000 800 7,100 8,500 59,500 6,500 121,500 105,000 15,500 2,600 2,100 $438,000 O. Tybalt invested $6,500 cash in the business in exchange for common stock during year 2019. The December 31, 2018, credit balance of the Retained Earnings account was $121,500. Required: 1a. Prepare the income statement for the calendar-year 2019. 1b. Prepare the statement of retained earnings for the calendar-year 2019. 1c. Prepare the classified balance sheet at December 31, 2019. 2. Prepare the necessary closing entries at December 31, 2019. Complete this question by entering your answers in the tabs below. Check my work Prepare the income statement for the calendar-year 2019. TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2019 Revenues $ 0 Total revenues Expenses Total expenses 0 Prev 1 of 3 !!! Next > Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Prepare the statement of retained earnings for the calendar-year 2019. TYBALT CONSTRUCTION Statement of Retained Earnings For Year Ended December 31, 2019 Retained eamings, Dec 31, 2018 0 Retained earnings, Dec. 31, 2019 S TYBALT CONSTRUCTION Balance Sheet December 31, 2019 $ 0 0 0 $ 0 0 Prepare the necessary closing entries at December 31, 2019. View transaction list Journal entry worksheet 1 2 3 4 > Record the entry to close the revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal
