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the adjusted trial balance for tybalt construction as December 31, 2019

TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 No. Account Title 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 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 301 0. Tybalt, Capital 302 0. Tybalt, Withdrawals 401 Professional fees earned 406 Rent earned 407 Dividends earned 409 Interest earned 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 682 Postage expense 683 Property taxes expense 684 Repairs expense 688 Telephone expense 690 Utilities expense Totals Debit Credit $ 5,000 23,000 8,100 7,000 40,000 $ 20,000 150,000 50,000 55,000 16,500 2,500 3,500 2,500 900 7,500 7,000 60,000 126,400 13,000 97,000 14,000 2,000 2,100 11,000 6,000 32,000 5,100 10,000 13,400 7,400 4,200 5,000 8,900 3,200 4,600 $411,900 $411,900 o Tybalt invested $5,000 cash in the business during year 2019 (the December 31, 2018, credit balance of the O. Tybalt, Capital account was $121,400) Required: 1a. Prepare the income statement for the calendar year 2019 1b. Prepare the statement of owner's equity 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 3. Use the information in the financial statements to compute the following ratios Income Statement For Year Ended December 31, 2019 Revenues Professional fees earned $ 97,000 Rent earned 14,000 Dividends earned 2,000 Interest earned 2,100 $ $ 115,100 Total revenues Expenses Depreciation expense Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Postage expense Property taxes expense Repairs expense Telephone expense Utilities expense 11,000 6,000 32,000 5.100 10,000 13.400 7 400 4,200 5,000 8,900 3,200 4,600 SIS SIS Total expenses Net income 110,800 4,300 S Prev Prepare the statement of owner's equity for the calendar year 2019. TYBALT CONSTRUCTION Statement of Owner's Equity For Year Ended December 31, 2019 O. Tybalt, Capital, Dec. 31, 2018 Add: Investments by owner 5,000 Add: Net income 4,300 $ 121,400 $ Less: Withdrawals by owner O. Tybalt, Capital, Dec 31, 2019 9,300 130,700 13,000 117,700 $ Balance Sheet December 31, 2019 Assets Current assets $ Cash Short-term investments 5,000 23,000 8,100 7,000 Supplies Prepaid insurance Total current assets S 43, 100 Plant assets 20,000 Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building Land 40,000 20,000 150,000 50,000 100,000 55,000 $ 175,000 218,100 Total assets Liabilities >> O Current liabilities Accounts payable Interest payable Rent payable Wages payable Property taxes payable Uneamed professional fees 16,500 2,500 3,500 2,500 900 7,500 riepare ute eessary LIUSliy rules al Veveer 31, 2019. No Date General Journal 1 Debit Dec 31 Credit Professional fees earned Rent earned Dividends earned 97 000 14,000 2,000 2,100 Interest eamed Income summary 115, 100 2 Dec 31 . 110,800 Income summary Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Postage expense Property taxes expense Repairs expense Telephone expense Utilities expense 11,000 6,000 32,000 5,100 10,000 13,400 7.400 4.200 5.000 8.900 3,200 4,000 OOOO OC Dec 31 Income summary o Tybalt, Capital 4,300 4,300 4 Dec 31 O. Tybalt, Capital o Tybalt, Withdrawals 13,000 12 000 Use the information in the financial statements to compute the following ratios: = 11 (a) Return on assets (total assets at December 31, 2018, was $200,000) Numerator: 1 Denominator: Return on total assets Net income Average total assets Return on total assets $ 4,300 $ 209,050 2.06 % (b) Debt ratio Numerator: 1 Denominator: Debt ratio Total liabilities 1 Total assets Debt ratio S 100,400 218,100 0.46 1 (c) Profit margin ratio (use total revenues as the denominator) Numerator: 1 Denominator: Profit margin Net income 1 Total revenues Profit margin $ 4,300 $ 115,100 3.70 % (d) Current ratio Numerator: 1 Denominator: Current ratio Current assets 1 Current liabilities Current ratio 43,100 S 40,400 1.07 11 U TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 No. Account Title 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 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 301 0. Tybalt, Capital 302 0. Tybalt, Withdrawals 401 Professional fees earned 406 Rent earned 407 Dividends earned 409 Interest earned 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 682 Postage expense 683 Property taxes expense 684 Repairs expense 688 Telephone expense 690 Utilities expense Totals Debit Credit $ 5,000 23,000 8,100 7,000 40,000 $ 20,000 150,000 50,000 55,000 16,500 2,500 3,500 2,500 900 7,500 7,000 60,000 126,400 13,000 97,000 14,000 2,000 2,100 11,000 6,000 32,000 5,100 10,000 13,400 7,400 4,200 5,000 8,900 3,200 4,600 $411,900 $411,900 o Tybalt invested $5,000 cash in the business during year 2019 (the December 31, 2018, credit balance of the O. Tybalt, Capital account was $121,400) Required: 1a. Prepare the income statement for the calendar year 2019 1b. Prepare the statement of owner's equity 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 3. Use the information in the financial statements to compute the following ratios Income Statement For Year Ended December 31, 2019 Revenues Professional fees earned $ 97,000 Rent earned 14,000 Dividends earned 2,000 Interest earned 2,100 $ $ 115,100 Total revenues Expenses Depreciation expense Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Postage expense Property taxes expense Repairs expense Telephone expense Utilities expense 11,000 6,000 32,000 5.100 10,000 13.400 7 400 4,200 5,000 8,900 3,200 4,600 SIS SIS Total expenses Net income 110,800 4,300 S Prev Prepare the statement of owner's equity for the calendar year 2019. TYBALT CONSTRUCTION Statement of Owner's Equity For Year Ended December 31, 2019 O. Tybalt, Capital, Dec. 31, 2018 Add: Investments by owner 5,000 Add: Net income 4,300 $ 121,400 $ Less: Withdrawals by owner O. Tybalt, Capital, Dec 31, 2019 9,300 130,700 13,000 117,700 $ Balance Sheet December 31, 2019 Assets Current assets $ Cash Short-term investments 5,000 23,000 8,100 7,000 Supplies Prepaid insurance Total current assets S 43, 100 Plant assets 20,000 Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building Land 40,000 20,000 150,000 50,000 100,000 55,000 $ 175,000 218,100 Total assets Liabilities >> O Current liabilities Accounts payable Interest payable Rent payable Wages payable Property taxes payable Uneamed professional fees 16,500 2,500 3,500 2,500 900 7,500 riepare ute eessary LIUSliy rules al Veveer 31, 2019. No Date General Journal 1 Debit Dec 31 Credit Professional fees earned Rent earned Dividends earned 97 000 14,000 2,000 2,100 Interest eamed Income summary 115, 100 2 Dec 31 . 110,800 Income summary Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Postage expense Property taxes expense Repairs expense Telephone expense Utilities expense 11,000 6,000 32,000 5,100 10,000 13,400 7.400 4.200 5.000 8.900 3,200 4,000 OOOO OC Dec 31 Income summary o Tybalt, Capital 4,300 4,300 4 Dec 31 O. Tybalt, Capital o Tybalt, Withdrawals 13,000 12 000 Use the information in the financial statements to compute the following ratios: = 11 (a) Return on assets (total assets at December 31, 2018, was $200,000) Numerator: 1 Denominator: Return on total assets Net income Average total assets Return on total assets $ 4,300 $ 209,050 2.06 % (b) Debt ratio Numerator: 1 Denominator: Debt ratio Total liabilities 1 Total assets Debt ratio S 100,400 218,100 0.46 1 (c) Profit margin ratio (use total revenues as the denominator) Numerator: 1 Denominator: Profit margin Net income 1 Total revenues Profit margin $ 4,300 $ 115,100 3.70 % (d) Current ratio Numerator: 1 Denominator: Current ratio Current assets 1 Current liabilities Current ratio 43,100 S 40,400 1.07 11 U