The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows.

TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017
No.	Account Title	Debit				Credit
101	Cash	$	6,000
104	Short-term investments		24,500
126	Supplies		8,600
128	Prepaid insurance		8,500
167	Equipment		50,000
168	Accumulated depreciationEquipment					$	25,000
173	Building		180,000
174	Accumulated depreciationBuilding						60,000
183	Land		54,700
201	Accounts payable						17,500
203	Interest payable						2,900
208	Rent payable						3,600
210	Wages payable						2,700
213	Property taxes payable						1,400
233	Unearned professional fees						7,600
251	Long-term notes payable						65,000
301	O. Tybalt, Capital						132,100
302	O. Tybalt, Withdrawals		10,200
401	Professional fees earned						105,000
406	Rent earned						17,000
407	Dividends earned						3,000
409	Interest earned						2,500
606	Depreciation expenseBuilding		13,200
612	Depreciation expenseEquipment		7,500
623	Wages expense		29,500
633	Interest expense		3,400
637	Insurance expense		8,600
640	Rent expense		12,700
652	Supplies expense		7,100
682	Postage expense		2,700
683	Property taxes expense		4,100
684	Repairs expense		8,000
688	Telephone expense		1,500
690	Utilities expense		4,500
	Totals	$	445,300			$	445,300

O. Tybalt invested $6,000 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $126,100). Tybalt Construction is required to make a $6,500 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 owner's equity 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: