Problem 4-4A Preparing closing entries, financial statements, and ratios Lo C3, A1, P2 The adjusted trial balance for Tybalt Construction as of December 31, 2015, follows TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2015 No. Account Title Debit Credit 7,000 101 Cash 104 Short-term investments 23.000 126 Supplies 9.500 128 Prepaid insurance 8.200 167 Equipment 40.000 168 Accumulated depreciation Equipment 20,000 173 Building 165.000 55,000 174 Accumulated depreciation Building 183 Land 72,700 6.000 201 Accounts payable 203 Interest payable 2.600 208 Rent payable 3.400 210 Wages payable 2.700 213 Property taxes payable 2000 233 Unearned professional fees 7.800 251 Long-term notes payable 71.000 301 O. Tybalt, Capital 132,800 302 O. Tybalt, Withdrawals 11,000 401 Professional fees earned 99.000 406 Rent earned 6.500 407 Dividends earned 2.600 409 Interest eamed 2.900 606 Depreciation expense Building 12,100 612 Depreciation expense Equipment 6.000 623 Wages expense 27.000 633 Interest expense 4.500 637 Insurance expense 9.500 640 Rent expense 2.200 652 Supplies expense 6.000 682 Postage expense 2.500 683 Property taxes expense 4.700 684 Repairs expense 6.400 688 Telephone expense 3.100 690 Utilities expense 3.100 Totals 433,500 $433,500 O. Tybalt invested $7,000 cash in the business during year 2015 (the December 31, 2014, credit balance of the O. Tybalt, Capital account was $125,800) Tybalt Construction is required to make a $7,500 payment on its long-term notes payable during 2016