The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. Credit Debit $ 6,000 24,000 9,100 8,100 45,000 $ 22,500 153,000 51,000 81,230 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 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 251 Long-term notes payable 307 Common stock 318 Retained earnings 319 Dividends 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 Totals 16,500 2,200 3,200 2,900 800 7,800 70,000 6,000 126,500 12,200 105,000 18,000 2,200 2,400 11,220 6,750 27,500 4,500 8,200 12,200 7,200 3,300 3,800 7,200 2,100 4,400 $437,000 $437,000 The December 31, 2016, credit balance of the Retained Earnings account was $126,500. Tybalt Construction is required to make a $7,500 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 retained earnings 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 1B Required 10 Required 2 Required 3 Prepare the income statement for the calendar year 2017. TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2017 Revenues Professional fees earned $ 105,000 Rent earned 12,200 Dividends earned 2,200 Interest earned 2.400 $ 121,800 Total revenues Expenses Depreciation expense-Building Depreciation expense-Equipment Wages expense Insurance expense Rent expense Supplies expense Postage expense Property taxes expense Repairs expense Telephone expense Utilities expense 11,220 6,750 27,500 4,500 12.200 7,200 3,300 3,800 7,200 2.100 4,400 Total expenses Net income 90,170 31,630 $ The December 31, 2016, credit balance of the Retained Earnings account was $126,500. Tybalt Construction is required to make a $7,500 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 retained earnings 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: Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Required 3 Prepare the statement of retained earnings for the calendar year 2017. TYBALT CONSTRUCTION Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, Dec 31, 2016 $ 126,500 Add: Net income 31,630 158,130 Less: Dividends 12,200 Retained earnings, Dec 31, 2017 $ 145,930 TYBALT CONSTRUCTION Balance Sheet December 31, 2017 Assets > $ Current assets Cash Short-term investments Supplies Prepaid insurance 6,000 24,000 9,100 8,100 $ 47,200 22,500 Total current assets Total plant assets Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building Land Total plant assets 45,000 22,500 153,000 51,000 102.000 81,230 $ 205,730 252,930 $ Liabilities Current liabilities Accounts payable Interest payable Rent payable Wages payable Property taxes payable Unearned professional fees Current portion of long-term notes payable 16,500 2,200 3,200 2,900 800 7,800 70,000 OO > $ 103,400 Total current liabilities Long-term liabilities Long-term notes payable Total liabilities 103,400 Equity Common stock Retained earnings 143,530 143,530 $ 246,930 Total liabilities and equity DIO The December 31, 2016, credit balance of the Retained Earnings account was $126,500. Tybalt Construction is required to make a $7,500 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 retained earnings 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: Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 Required 3 Prepare the necessary closing entries at December 31, 2017. No Date General Journal Debit 1 Dec 31 Rent earned Dividends earned Interest earned Income summary Credit 18,000 2,200 2,400 22,600 The December 31, 2016, credit balance of the Retained Earnings account was $126,500. Tybalt Construction is required to make a $7,500 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 retained earnings 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: Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Required 2 Required 3 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: 1 Denominator: Return on total assets Net income 17 Average total assets Return on total assets 0 (b) Debt ratio Numerator: 1 Denominator: Debt ratio 1 Total assets Debt ratio 0 (c) Profit margin ratio (use total revenues as the denominator) Numerator: 7 Denominator: Profit margin Profit Net income Total revenues margin 0 % (d) Current ratio nerator: 1 enominator: Current Current Current 1 Current liabilities assets ratio 0 =