The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 No. Account Title 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 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 233 Unearned professional fees 244 Current portion of long term note payable 251 Long-term notes payable 301 0. Tybalt, Capital 302 0. Tybalt, Withdrawals 401 Professional fees earned 406 Rent earned 407 Dividends earned 409 Interest earned 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 682 Postage expense 683 Property taxes expense 684 Repairs expense 688 Telephone expense 699 Utilities expense Totals Debit Credit $ 6,000 25,000 9,100 7,200 45,000 $ 22,500 165,000 55,000 64,850 16,000 2,200 3,800 2,900 900 7,300 8,000 58,000 129,000 12,000 100,000 18,000 2,500 2,400 12, 100 6,750 25,500 4,800 7,200 11,000 6,300 3,900 4,300 7,000 1,700 3,800 $428,500 $428,500 O.Tybalt invested $6.000 cash in the business during year 2019 (the December 31, 2018 credit balance of the o Tybalt, Capital account was $123,000) Required: 1a. Prepare the income statement for the calendar year 2019. 1b. Prepare the statement of owner's equity for the calendar year 2019 1c. Prepare the classified balance sheet at December 31, 2019. 2. Prepare the necessary closing entries at December 31, 2019 3. Use the information in the financial statements to compute the following ratios. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Required 3 Prepare the income statement for the calendar year 2019. TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2019 Revenues Professional fees eamed $ 100,000 Rent eamed 18.000 Interest eamed Dividends earned 2,400 2.500 $ 122.900 Total revenues Expenses Depreciation expense Building Deprecation expense-Equipment Wages expense 12.100 2.650 25.500 TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2019 Revenues Professional fees earned $ 100,000 Rent earned 18,000 Interest earned Dividends earned 2,400 2,500 GA 122,900 Total revenues Expenses Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Postage expense Property taxes expense Repairs expense Telephone expense Utilities expense 12.100 2.650 25,500 4,800 7,200 11,000 6,300 3,900 4,300 7,000 1,700 3,800 Total expenses Net income $ 90,250 32,650 Required: 1a. Prepare the income statement for the calendar year 2019. 1b. Prepare the statement of owner's equity for the calendar year 2019. 1c. Prepare the classified balance sheet at December 31, 2019. 2. Prepare the necessary closing entries at December 31, 2019. 3. Use the information in the financial statements to compute the following ratios Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 Required 3 Prepare the statement of owner's equity for the calendar year 2019. TYBALT CONSTRUCTION Statement of Owner's Equity For Year Ended December 31, 2019 O. Tybalt, Capital, Dec. 31, 2018 Add: Investments by owner $ 6,000 Add: Net income 32,650 $ 129,000 38,650 167,650 12,000 155,650 Less: Withdrawals by owner O. Tybalt, Capital, Dec 31, 2019 $ TYBALT CONSTRUCTION Balance Sheet December 31, 2019 Assets Current assets Cash Prepaid insurance Supplies Short-term investments 6,000 7,200 9,100 25,000 $ 47,300 Total current assets Plant assets Equipment Accumulated depreciation Equipment Building Accumulated depreciation Building 15,750 45,000 29,250 165,000 67 100 97,900 Total plant assets Total assets $ 113,650 160,950 Liabilities Current liabilities Wages payable Accounts payable Interest payable Rent payable Property taxes payable Uneamed professional fees 2,900 16,000 2,200 3,800 900 7.300 Journal entry worksheet 1 2 3 4 Record the entry to close revenue account(s). Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Journal entry worksheet