The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 No 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 251 Long-term notes payable 301 o. Tybalt, Capital 302 o. Tybalt, Withdrawals 401 Professional fees earned 406 Rent earned 407 Dividends earned 409 Interest earned 606 Depreciation expense-Building Account Title Credit $6,500 22, 500 9, 200 7,500 50,000 $ 25,000 156,000 52,000 73, 760 16, 500 2,400 3,400 2,200 1, 500 7, 800 70,500 132,700 12, 300 103,000 16, 000 2,600 2,500 11,440 156, 000 173 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 251 Long-term notes payable 301 o. Tybalt, Capital 302 o. 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 690 Utilities expense 52,000 73, 760 16, 500 2,400 3, 400 2,200 1,500 7,800 70, 500 132,700 12,300 103,000 16,000 2, 600 2,500 11,440 7,500 30,000 3,800 9, 900 13,000 5,000 2,300 4,000 7,400 2, 300 3,700 Totals $438,100 $438, 100 23 Wages expense 33 Interest expense 37 Insurance expense 0 Rent expense 52 Supplies expense 82 Postage expense 83 Property taxes expense 84 Repairs expense 88 Telephone expense 90 Utilities expense 30,000 3,800 9,900 13,000 5, 000 2,300 4, 000 7,400 2, 300 3, 700 Totals $438,100 $438,100 . Tybalt invested $6,500 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital ccount was S126,200). Tybalt Construction is required to make a $7,000 payment on its long-term notes payable during 2018 equired: a. Prepare the income statement for the calendar-year 2017 lb. Prepare the statement of owner's equity for the calendar-year 2017 c. 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. TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2017 Revenues ces Total revenues Expenses K Prev 2 of 12Next > Required 1A Required 1B Required 1C Required 2 Required 3 Prepare, the statement of owner's .equity for the calendar. year 2017. TYBALT CONSTRUCTION Statement of Owner's Equity For Year Ended December 31, 2017 O. Tybalt, Capital, Dec. 31, 2016 O. Tybalt, Capital, Dec. 31, 2017 Required 1A Required1c > Prepare the classified balance sheet at December 31, 2017. TYBALT CONSTRUCTION Balance Sheet December 31, 2017 Journal entry worksheet 2 4 Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 View transaction list Journal entry worksheet Record the entry to close expense account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 iew transaction list Journal entry worksheet 2 3 4 Record the entry to close income summary. Note: Enter debits before credits. Date General Journal Debit t Credit Dec 31 Record entry Clear entry View general journal View transaction list Journal entry worksheet 3 Record the entry to close the withdrawals account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry clear entry View general journal Use the information in the financial statements to compute the following.ratios: (a) Return on assets (total assets at December 31, 2016, was $200,000) Numerator:7 Denominator: Return on total assets Return on total assets (b) Debt ratio Numerator Denominator: Debt ratio | Debt ratio (c) Profit margin ratio (use total revenues as the denominator) Numerator:/ Denominator: Profit margin Profit margin (d) Current ratio Numerator:I Denominator: Current ratio Current ratio