Problem 4-4A (Static) Preparing financial statements and closing entries LO C1, P2 Cash The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTION Adjusted Trial Balance Number Account Title December 31 Debit Credit 101 $ 5,080 126 Supplies 31,100 128 Prepaid insurance 7,000 167 Equipment 40,000 168 Accumulated depreciation-Equipment $ 20,000 173 Building 150,000 174 Accumulated depreciation-Building 50,000 183 Land 55,000 201 Accounts payable 16,500 203 Interest payable 2,500 208 Rent payable 3,500 210 Wages payable 2,500 213 Property taxes payable 900 236 Unearned revenue 14,500 251 Long-tern notes payable 60,000 301 0. Tybalt, Capital 126,400 302 0. Tybalt, Withdrawals 13, eee 404 Services revenue 97,000 406 Rent revenue 14,000 409 Interest revenue 4,100 606 Depreciation expense-Building 11,000 612 Depreciation expense-Equipment 6,000 623 Wages expense 52,900 633 Interest expense 5,180 637 Insurance expense 10,000 640 Rent expense 13,400 652 Supplies expense 7,400 683 Property taxes expense 5,000 Totals $ 411,900 $ 411,900 Oro Tybalt invested $5,000 cash in the business during the year. The O. Tybalt, Capital account balance was $121,400 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 owner's equity for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year. Required: 1a. Prepare the income statement for the current year ended December 31 1b. Prepare the statement of owner's equity for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 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 18 Required IC Required 2 Prepare the income statement for the current year ended December 31. TYBALT CONSTRUCTION Income Statement For Year Ended December 31 Revenues Services revenue $ 97,000 Rent revenue 14,000 Interest revenue 4,100 $ 115.100 Total revenues Expenses Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense 52,900 5,100 10,000 13,400 7.400 5,000 93.800 Total expenses Net income Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 Prepare the statement of owner's equity for the current year ended December 31. TYBALT CONSTRUCTION Statement of Owner's Equity For Year Ended December 31 O.Tybalt, Capital, December 31 prior year Add: Investments by owner 5,000 Add: Net Income 5.000 Less: Withdrawals by owner O.Tybalt, Capital, December 31 current year $ 117,700 Prepare the classified balance sheet at December 31 of the current year. TYBALT CONSTRUCTION Balance Sheet December 31 Assets Current assets Cash 5,000 Supplies 31,100 $ Prepaid insurance 7.000 $ 43,100 Total current assets 0 0 $ 0 43,100 $ Required 10 Required 2 > Journal entry worksheet 1 2 3 4 > Record the entry to close the revenue account(s). Note: Enter debits before credits General Journal Debit Credit Dato Dec 31 Record entry Clear entry View general Journal Journal entry worksheet 1 23 > Record the entry to close the expense account(s). Note: Enter debits before credits General Journal Debit Credit Dato Dec 31 Journal entry worksheet Record the entry to close the Income summary account. Note: Enter debits before credits General Journal Debit Credit Dato Dec 31 Record entry Clear entry View general journal Journal entry worksheet
