O. Tybalt invested $7,000 cash in the business in exchange for common stock during year 2019. The December 31, 2018, credit balance of the Retained Earnings account was $121,800.

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.

Book Ask Print 0 ferences TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 No. 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 i 251 Long-ters notes payable 307 Common stock 318 Retained earnings 319 Dividenda 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 Account Title Debit $ 7,000 24,000 9,600 7,700 45,000 168,000 58,230 Credit $ 22,500 56,000 16,500 2,200 3,700 2,600 1,000 7,300 6,000 62,500 7,000 121,800 102,000 15,500 2,700 2,600 12,300 12,320 6,750 29,500 4,900 9,700 10,300 6,000 3,200 4,700 6,000 2,800 3,900 5431,900 $43.900 4 0.45 points eBook Ask Print References Mc Graw Required 1A Required 18 Required IC Required 2 Prepare the income statement for the calendar-year 2019. TYBALT CONSTRUCTION Income Statement For Year Ended December 21, 2015 Revenues $ 102,000 Professional fees eamed Total revenues Expenses Depreciation expense-Building Depreciation expense-Equipment Wages expense Insurance expense Rent expense Supplies expense Postage expense Telephone expense Utilities expense Property taxes expense Repairs expense Total expenses 12,320 6,750 29,500 9,700 10,300 6,000 3,200 2.800 3,900 4.700 6,000 $ 102,000 95,170