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	$	6,500
104	Short-term investments		22,000
126	Supplies		8,000
128	Prepaid insurance		8,300
167	Equipment		50,000
168	Accumulated depreciationEquipment					$	25,000
173	Building		162,000
174	Accumulated depreciationBuilding						54,000
183	Land		68,020
201	Accounts payable						16,500
203	Interest payable						3,000
208	Rent payable						3,200
210	Wages payable						2,400
213	Property taxes payable						1,200
233	Unearned professional fees						7,400
251	Long-term notes payable						68,000
301	O. Tybalt, Capital						132,800
302	O. Tybalt, Withdrawals		10,000
401	Professional fees earned						100,000
406	Rent earned						15,500
407	Dividends earned						2,000
409	Interest earned						2,400
606	Depreciation expenseBuilding		11,880
612	Depreciation expenseEquipment		7,500
623	Wages expense		28,500
633	Interest expense		4,800
637	Insurance expense		7,300
640	Rent expense		11,600
652	Supplies expense		7,100
682	Postage expense		3,500
683	Property taxes expense		3,100
684	Repairs expense		7,800
688	Telephone expense		2,100
690	Utilities expense		3,400
	Totals	$	433,400			$	433,400

O. Tybalt invested $6,500 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $126,300). Tybalt Construction is required to make a $8,500 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:

Required 1A |Required 1BRequired 1C Required 2 Required 3 Prepare the income statement for the calendar year 2017. TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2017 Revenues Total revenues Expenses Total expenses