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, 2015, follows

No. 101 104 126 128 167 168 173 174 183 201 203 208 210 213 233 251 307 318 319 401 406 407 409 606 612 623 633 637 640 652 682 683 684 688 690 The Decembe Prepare the income statem Prepare the statement of r Prepare the classified balan Use the informaton in the TYBALT CONSTRUCTION Adjusted Trial Balance 31-Dec-15 Account Title Cash Debit $ Credit 14,500 Shortterm investment s 42,000 Supplies 10,000 Prepaid insurance 8,900 Equipme nt 59,000 Accumula ted depreciato n Equipment Building $ 245,000 Accumula ted depreciato n Building Land 29,500 69,000 74,000 Accounts payable 61,100 Interest payable 4,400 Rent payable 5,400 Wages payable 4,400 Property taxes payable 2,800 Unearne d profession al fees 9,400 Longterm notes payable 86,000 Common stock 6,000 Retained earnings 168,900 Dividend s 22,500 Professio nal fees earned 135,000 Rent earned 42,500 Dividend s earned 3,900 Interest earned 4,000 Deprecia ton expense Building 20,500 Deprecia ton expense Equipment 15,500 Wages expense 41,500 Interest expense 7,000 Insurance expense 11,900 Rent expense 15,300 Supplies expense 9,300 Postage expense 6,100 Property taxes expense 6,900 Repairs expense 10,800 Telephon e expense 5,100 Utlites expense 6,500 Totals $ 632,300 $ 632,300 The December 31, 2014, credit balance of Retained Earnings account was $168,900. Tybalt Constructon is required to mak Prepare the income statement for the calendar year 2015 Prepare the statement of retained earnings for the calendar year 2015 Prepare the classified balance sheet at December 31, 2015. Prepare the necessary closing entries at December 31, 2015. Closing entries (all dated December 31, 2015): Use the informaton in the financial statements to compute the following ratos: ructon is required to make a $16,500 payment on its long-term notes payable during 2016