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please assist with balance sheet The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTION Adjusted Trial Balance
please assist with balance sheet
The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. 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 283 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 486 Rent revenue 407 Dividends revenue 489 Interest revenue 686 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 648 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 5,000 121,400 13,000 97,000 14,000 2,000 2,100 11,000 6,000 2,000 5,180 10,000 13,400 7.400 4,200 5,000 8,900 3,200 4.680 $411,980 $411,900 Oro Tybalt invested $5,000 cash in the business in exchange for common stock during the year. The Reta balance was $121400 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31, 1b. 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. Complete this question by entering your answers in the tabs below. TYBALT CONSTRUCTION Balance Sheet December 31 Assets Current assets Cash Short-term investments Supplies Prepaid insurance 5,000 23,000 8,100 7,000 $ 43,100 Total current assets Plant assets Equipment Land Accumulated depreciation Equipment Accumulated depreciation-Building 40,000 55,000 (15,000) 0 $ (15,000) 28,100 Liabilities + s 0 Equity Step by Step Solution
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