Credit $ 20,000 55,000 Hujusleu Ilal balance December 31 No. Account Title Debit 101 Cash $ 6,500 104 Short-term investments 23,000 126 Supplies 9,900 128 Prepaid insurance 8,700 167 Equipment 40,000 168 Accumulated depreciation-Equipment 173 Building 165,000 174 Accumulated depreciation-Building 183 Land 73,900 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 236 Unearned revenue 244 Current portion of long-term note payable 251 Long-term notes payable 307 Common stock 318 Retained earnings 319 Dividends 10,400 404 Services revenue 406 Rent revenue 407 Dividends revenue 409 Interest revenue 606 Depreciation expense-Building 12,100 612 Depreciation expense-Equipment 6,000 623 Wages expense 27,500 633 Interest expense 4,400 637 Insurance expense 9,600 640 Rent expense 13,300 652 Supplies expense 5,500 682 Postage expense 2,800 683 Property taxes expense 3,600 684 Repairs expense 6,700 688 Telephone expense 3,000 690 Utilities expense 3,900 Totals $435,800 16,500 2,800 3,800 2,100 800 7,100 8,000 62,000 6,500 126,300 102,000 17,000 3,000 2,900 $435,800 Oro Tybalt invested $6,500 cash in the business in exchange for common stock during the year. The Retained Earnings account balance was $126,300 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. Ib. Prepare the statement of retained earnings for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31. 2. Prepare the necessary closing entries at December 31 of the current year. Prepare the income statement for the current year ended December 31. TYBALT CONSTRUCTION Income Statement For Year Ended December 31 Revenues Total revenues $ 0 Expenses Prepare the statement of retained earnings for the current year ended December 31. TYBALT CONSTRUCTION Statement of Retained Earnings For Year Ended December 31 Retained earnings, Dec. 31 prior year end 0 Retained earnings, Dec. 31 current year end $ 0 Prepare the statement of retained earnings for the current year ended December 31. TYBALT CONSTRUCTION Statement of Retained Earnings For Year Ended December 31 Retained earnings, Dec. 31 prior year end 0 Retained earnings, Dec. 31 current year end $ 0 Prepare the classified balance sheet at December 31. TYBALT CONSTRUCTION Balance Sheet December 31 $ 0 0 0 $ 0 0 Journal entry worksheet 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 Journal entry worksheet Record the entry to close the expense account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Journal entry worksheet
