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plz help i know its a lot but its 1 big question. Plz make it clear for me ty! The adjusted trial balance for Tybalt
plz help i know its a lot but its 1 big question. Plz make it clear for me ty!
The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Credit $ 27,500 57,000 TYBALT CONSTRUCTION Adjusted Trial Balance December 31 No. Account Title Debit 101 Cash $ 7,500 104 Short-term investments 24,500 126 Supplies 8,100 128 Prepaid insurance 8,700 167 Equipment 55,000 168 Accumulated depreciation-Equipment 173 Building 171,000 174 Accumulated depreciation-Building 183 Land 55,410 201 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 11,200 404 Services revenue 406 Rent revenue 407 Dividends revenue 409 Interest revenue 606 Depreciation expense-Building 12,540 612 Depreciation expense-Equipment 8,250 623 Wages expense 27,500 633 Interest expense 4,500 15,500 2,600 4,000 3,000 900 7,300 7,000 61,000 7,500 124,000 102,000 17,500 2,500 2,200 15,500 2,600 4,000 3,000 900 7,300 7,000 61,000 7,500 124,000 11,200 201 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 expenso 652 Supplies expense 682 Postage expense 683 Property taxes expense 684 Repairs expense 688 Telephone expense 690 Utilities expense Totals 102,000 17,500 2,500 2,200 12,540 8,250 27,500 4,500 7,900 10,900 6,800 3,900 4,300 8,600 1,900 3,000 $441,500 $441,500 Oro Tybalt invested $7,500 cash in the business in exchange for common stock during the year. The Retained Earnings account balance was $124.000 on December 31 of the prior year Oro Tybalt invested $7,500 cash in the business in exchange for common stock during the year. The Retained Earnings account balance was $124,000 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. Required 1A Required 1B Required 1C Required 2 Prepare the income statement for the current year ended December 31. TYBALT CONSTRUCTION Income Statement For Year Ended December 31 Revenues Total revenues $ Expenses Total expenses 0 Complete this question by entering your answers in the tabs below. 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 0 Retained earnings, Dec. 31 current year end $ 0 Prepare the classified balance sheet at December 31. TYBALT CONSTRUCTION Balance Sheet December 31 $ 0 0 0 $ 0 0 0 $ 0 0 0 0 $ 0 Journal entry worksheet 1 2 3 4 > Record the entry to close the revenue account(s). Note: Enter debits before credits Date Dec 31 General Journal Debit Credit Record entry Clear entry View general Journal Step by Step Solution
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