The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 Credit Debit Account Title No. 5,000 23,000 8,100 7,000 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 40,000 $20,000 150,000 50,000 55,000 16,500 2,500 3,500 2,500 900 201 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 7,500 67,000 5,000 121,400 13,000 319 Dividends 97,000 14,000 2,000 2,100 401 Professionalfees earned 406 Rent earned 407 Dividends earned 409 Interest earned 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 11,000 6,000 32,000 5,100 10,000 13,400 7,400 4,200 5,000 8,900 3,200 4,600 637 Insurance expense 640 Rent expense 652 Supplies expense 682 Postage expense 683 Property taxes expense 684 Repairs expense 688 Telephone expense 690 Utilities expense 688 Telephone expense 690 Utilities expense 3,200 4,600 Totals $411,900 $411,900 The December 31, 2016, credit balance of the Retained Earnings account was $121,400. Tybalt Construction is required to $7,000 payment on its long-term notes payable during 2018. Required: 1a. Prepare the income statement for the calendar year 2017. 1b. Prepare the statement of retained earnings for the calendar year 2017 1c. Prepare the classified balance sheet at December 31, 2017 2. Prepare the necessary closing entries at December 31, 2017. 3. Use the information in the financial statements to compute the following ratios: Complete this question by entering your answers in the tabs below. Req 2 Req 1A Req 18 Req 1C Req 3 Prepare the income statement for the calendar year 2017. TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2017 Revenues Req 3 Req 1C Req 2 Req 1B Req 1A Prepare the income statement for the calendar year 2017. TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2017 Revenues 0 Total revenues Expenses wwwwww The December 31, 2016, credit balance of the Retained Earnings account was $121,400. Tybalt Construction $7,000 payment on its long-term notes payable during 2018. Is required to mak Required: 1a. Prepare the income statement for the calendar year 2017 1b. Prepare the statement of retained earnings for the calendar year 2017 1c. Prepare the classified balance sheet at December 31, 2017. 2. Prepare the necessary closing entries at December 31, 2017 3. Use the information in the financial statements to compute the following ratios: Complete this question by entering your answers in the tabs below. Req 3 Req 2 Req 1C Req 1B Req 1A Prepare the statement of retained earnings for the calendar year 2017. The December 31, 2016, credit Retained Earnings account was $121,400. lance of the ba TYBALT CONSTRUCTION Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, Dec. 31, 2016 4,300 4,300 112,700 Retained earnings, Dec. 31, 2017 Reg 1C> Req 1A Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 2 Req 3 Prepare the classified balance sheet at December 31, 2017 TYBALT CONSTRUCTION Balance Sheet December 31, 2017 $ C Req 1A Req 1B Req 3 Req 1C Req 2 Prepare the necessary closing entries at December 31, 2017 View transaction list Journal entry worksheet 2 3 1 4 Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 1 Record the entry to close expense account(s) Note: Enter debits before credits. Debit Credit General Journal Date Dec 31 View transaction list Journal entry worksheet
