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I have income statmemt i need owner equity and classified balance sheet. please solve in 60 mins i will thumb up Problem 4-4A Preparing closing
I have income statmemt i need owner equity and classified balance sheet. please solve in 60 mins i will thumb up
Problem 4-4A Preparing closing entries, financial statements, and ratios @c3A12P2 The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. O. Tybalt invested $5,000 cash in the business during year 2019 (the December 31, 2018, credit balance of the 0. Tybalt, Capital account was $121,400). Debit Credit $ 5.000 23.000 8,100 7,000 40,000 $ 20,000 150,000 50,000 55.000 10.500 2,500 3.500 2.500 900 Adjusted Tol Balance December 31, 2019 No. Account Title 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 107 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 O. Tybalt, Capital 302 O. Tybalt, Withdrawals 401 Professional fees eamed 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 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 Required 1. Prepare the income statement and the statement of owner's equity for calendar-year 2019 and the classified balance sheet at December 31, 2019. Check (1) Total assets (12392019). $218.100. Net income. $4.300 97,000 14,000 2,000 2,100 115, 100 Tybalt construction Income statement For the year ended December 31, 2019 Revenues: Professional fees earned Rent earned Dividends earned Interest earned Total revenues Expenses: Depreciation expenses - building Depreciation expenses - equipment Wages expenses Interest expenses Insurance expenses Rent expenses Supplies expenses postage expenses Property taxes expenses repairs expenses Telephone expenses Utilities expenses Total expenses 11,000 6,000 32,000 5,100 10,000 13,400 7,400 4,200 5,000 8,900 3,200 4,600 110.800 Net income 4,300Step by Step Solution
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