Problem 3-8A Preparing closing entries, financial statements, and ratios LO A1, A2, P3, P4 The adjusted trial balance for Tybalt Construction as of December 31, 2018, follows. Credit $ Debit 7,500 25,000 9,200 8,700 60,000 $ 30,000 153,000 51,000 60,280 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2018 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 233 Unearned professional fees 251 Long-term notes payable 307 Common stock 318 Retained earnings, December 31, 2017 319 Dividends 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 16,500 2,100 3,700 2,600 1,200 7,700 68,500 7,500 126,500 11,700 99,000 16,500 2,900 3,000 11,220 9,000 30,500 3,300 9,800 13,000 5,400 2,600 4,600 7,600 2,100 4,200 $438,700 $ 438.700 The December 31, 2017, credit balance of the Retained Earnings ac $7,500 payment on its long-term notes payable during 2019. Required: 1a. Prepare the income statement for the calendar-year 2018. 1b. Prepare the statement of retained earnings for the calendar-ye 1c. Prepare the classified balance sheet at December 31, 2018. 2. Prepare the necessary closing entries at December 31, 2018. 3. Use the information in the financial statements to compute the fe no ences Complete this question by entering your answers in the tabs Req 1A Req 1B Req 1C Req 2 Req 3 Prepare the statement of retained earnings for the calendar year 201 TYBALT CONSTRUCTION Statement of Retained Earnings For Year Ended December 31, 2018 Retained earnings, Dec. 31, 2017 Retained earnings, Dec. 31. 2018