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 101 Cash $ 5,000 104 Short-term investments 23,000 126 Supplies 8,100 128 Prepaid insurance 7,000 167 Equipment 40,000 168 Accumulated depreciationEquipment $ 20,000 173 Building 150,000 174 Accumulated depreciationBuilding 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 900 233 Unearned professional fees 7,500 251 Long-term notes payable 67,000 301 O. Tybalt, Capital 126,400 302 O. Tybalt, Withdrawals 13,000 401 Professional fees earned 97,000 406 Rent earned 14,000 407 Dividends earned 2,000 409 Interest earned 2,100 606 Depreciation expenseBuilding 11,000 612 Depreciation expenseEquipment 6,000 623 Wages expense 32,000 633 Interest expense 5,100 637 Insurance expense 10,000 640 Rent expense 13,400 652 Supplies expense 7,400 682 Postage expense 4,200 683 Property taxes expense 5,000 684 Repairs expense 8,900 688 Telephone expense 3,200 690 Utilities expense 4,600 Totals $ 411,900 $ 411,900 O. Tybalt invested $5,000 cash in the business during year 2015 (the December 31, 2014, credit balance of the O. Tybalt, Capital account was $121,400). Tybalt Construction is required to make a $7,000 payment on its long-term notes payable during 2016. Required: 1.1 Prepare the income statement for the calendar year 2015.

1.2 Prepare the statement of owner's equity for the calendar year 2015.

1.3 Prepare the classified balance sheet at December 31, 2015.

2. Prepare the necessary closing entries at December 31, 2015. Closing entries (all dated December 31, 2015):

3. Use the information in the financial statements to compute the following ratios:

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