Problem 3-6A (Algo) Preparing closing entries and financial statements LO P6, P5 The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Credit $ 20,000 54,000 TYBALT CONSTRUCTION Adjusted Trial Balance December 31 No. Account Title Debit 101 Cash $ 5,000 104 Short-term investments 22,500 126 Supplies 9,100 128 Prepaid insurance 8,500 167 Equipment 40,000 168 Accumulated depreciation-Equipment 173 Building 162,000 174 Accumulated depreciation-Building 183 Land 65,520 201 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 10,200 404 Services revenue 406 Rent revenue 407 Dividends revenue 409 Interest revenue 15,000 2,800 3,500 2,900 700 7,500 7,000 61,000 5,000 125,100 98,000 15,500 2,000 2.600 54,000 15,000 2,800 3,500 2,900 700 7,500 7,000 61,000 5,000 125, 100 174 Accumulated depreciation-Building 183 Land 65,520 201 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 10, 200 404 Services revenue 406 Rent revenue 407 Dividends revenue 409 Interest revenue 606 Depreciation expense-Building 11,880 612 Depreciation expense-Equipment 6,000 623 Wages expense 31,000 633 Interest expense 3,400 637 Insurance expense 9,600 640 Rent expense 12,800 652 Supplies expense 5,500 682 Postage expense 3,200 683 Property taxes expense 3,200 684 Repairs expense 7,700 688 Telephone expense 2,300 690 Utilities expense 3,200 Totals $ 422,600 98,000 15,500 2,000 2,600 $ 422,600 Oro Tybalt invested $5,000 cash in the business in exchange for common stock during the year. The Retained Earnings account balance was $125,100 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 Prepare the income statement for the current year ended December 31. TYBALT CONSTRUCTION Income Statement For Year Ended December 31 Revenues Total revenues Expenses Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C 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 Retained earnings, Dec. 31 current year end Required 1A Required 1B Required 1C Required 2 Prepare the classified balance sheet at December 31. TYBALT CONSTRUCTION Balance Sheet December 31 View transaction list Journal entry worksheet