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Credit Debit $ 6,500 24,000 8,900 7,300 50,000 $ 25,000 150,000 50,000 73,600 TYBALT CONSTRUCTION Adjusted Trial Balance December 31 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 236 Unearned revenue 244 Current portion of long-term note payable 251 Long-term notes payable 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 406 Rent revenue 407 Dividends revenue 409 Interest revenue 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 18,000 2,500 3,200 2,500 1,200 8,000 7,000 59,500 6,500 122,500 11,500 102,000 17,000 2,800 2,700 11,000 7,500 26,000 3,500 8,500 13,100 5,500 4,000 3,600 8,900 3,100 3,900 $430,400 $430,400 Oro Tybalt invested $6,500 cash in the business in exchange for common stock during the year. The Retained Earnings account balance was $122,500 on December 31 of the prior year. Prepare the income statement for the current year ended December 31. TYBALT CONSTRUCTION Income Statement For Year Ended December 31 Revenues Services revenue $ 102,000 Rent revenue 17,000 Dividends revenue 2,800 Interest revenue 2,700 $ 124,500 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 7,500 26,000 3,500 8,500 13,100 5,500 4,000 3,600 8,900 3,100 3,900 Total expenses Net income 98,600 25,900 Required 1A Required 1B Required 10 Required 2 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 Add: Net income $ 122,500 25,900 148,400 11,500 $ 136,900 Less: Dividends Retained earnings, Dec. 31 current year end Prepare the classified balance sheet at December 31. TYBALT CONSTRUCTION Balance Sheet December 31 Assets $ Current assets Cash Short-term investments Supplies Prepaid insurance OOOOO 6,500 24,000 8.900 7.300 S 46,700 25,000 OOOOOOO 50.000 25.000 150.000 50.000 100.000 73.600 $ 198,600 245,300 Plant assets Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building Land Total plant assets Total assets Liabilities Current liabilities Accounts payable Interest payable Rent payable Wages payable Property taxes payable Unearned revenue Current portion of long-term notes payable 18,000 2.500 3.200 2.500 1,200 8,000 7,000 42.400 Total current liabilities Long-term liabilities Long-term notes payable Total liabilities OOOO 59,500 101.000 Equity Common stock Retained earnings olo 6,500 138.900 Total equity Total liabilities and equity OO 143,400 $ 245,300 Required 1A Required 1B Required 1C Required 2 Prepare the necessary closing entries at December 31 of the current year. No General Journal Credit Date Dec 31 1 Services revenue Rent revenue Dividends revenue Interest revenue Income summary Debit 102,000 17,000 2,800 2,700 124,500 2 Dec 31 98,600 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 7,500 26,000 3,500 8,500 13,100 5,500 4,000 3,600 8,900 3,100 3,900 3 Dec 31 25,900 Income summary Retained earnings 25,900 4 Dec 31 11,500 Retained earnings Dividends 11,500
