The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows Adjusted Trial Balance December 31, 2017 101 Cash 104 Short-tere investments 126 3upplies 128 Prepaid insurance 167 Equipment 6, 500 22,500 9.200 7,500 50,000 168 Aceumu lated depteciation-Euipment 25,000 173 Building 174 Aceumalated depreciation-Building 103 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 201 o. Tybalt, Capital 302 O. Tybalt, withdrawal 156,000 52,000 73,760 16,500 2, 400 a, 400 2, 200 1,500 7,800 70,500 132,700 12,300 401 Profensional Eees earned 406 Rent earned 407 Dividends earned 103,000 16.000 2,600 2.500 409 Interest earned 06 Depreeiation expense-Building 11,440 7,500 a0, 000 23 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 3upplies expense 682 Postage expense 683 Property taxes expense 9, 900 1a, 000 5, 000 2.300 4 Repairs expense 668 Telephone expense 7400 2,300 Saved 208 Rent payable 210 Wages payable 213 Property taxes payable 2a3 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 3upplies expense 682 Postage expense 683 Property baxes expense 684 Repairs expense 608 Telephone expense 690 Utilieies expense a, 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 2,800 9,900 13,000 , 000 2,300 4,000 7.400 2,300 3, 700 Totals 430,100 4,100 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 $126,200). Tybalt Construction is requlred to make a $7000 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 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Required 3 Use the information in the financial statements to compute the following ratios: (a) Return on assets (total assets at r 31, 2016, was $200,000) Numerator Denominator: Return on total assets Return on total assets 0 (b)Debt ratio Numerator: Denominator: Debt ratio Debt ratio 0 (c) Profit margin ratio (use total revenues as the denominator) Numerator: Denominator: Profit margin -Profit margin 0 96 (d) Current ratio Numerator. Denominator Current ratio Current ratio K Required 2 The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows Adjusted Trial Balance December 31, 2017 101 Cash 104 Short-tere investments 126 3upplies 128 Prepaid insurance 167 Equipment 6, 500 22,500 9.200 7,500 50,000 168 Aceumu lated depteciation-Euipment 25,000 173 Building 174 Aceumalated depreciation-Building 103 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 201 o. Tybalt, Capital 302 O. Tybalt, withdrawal 156,000 52,000 73,760 16,500 2, 400 a, 400 2, 200 1,500 7,800 70,500 132,700 12,300 401 Profensional Eees earned 406 Rent earned 407 Dividends earned 103,000 16.000 2,600 2.500 409 Interest earned 06 Depreeiation expense-Building 11,440 7,500 a0, 000 23 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 3upplies expense 682 Postage expense 683 Property taxes expense 9, 900 1a, 000 5, 000 2.300 4 Repairs expense 668 Telephone expense 7400 2,300 Saved 208 Rent payable 210 Wages payable 213 Property taxes payable 2a3 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 3upplies expense 682 Postage expense 683 Property baxes expense 684 Repairs expense 608 Telephone expense 690 Utilieies expense a, 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 2,800 9,900 13,000 , 000 2,300 4,000 7.400 2,300 3, 700 Totals 430,100 4,100 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 $126,200). Tybalt Construction is requlred to make a $7000 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 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Required 3 Use the information in the financial statements to compute the following ratios: (a) Return on assets (total assets at r 31, 2016, was $200,000) Numerator Denominator: Return on total assets Return on total assets 0 (b)Debt ratio Numerator: Denominator: Debt ratio Debt ratio 0 (c) Profit margin ratio (use total revenues as the denominator) Numerator: Denominator: Profit margin -Profit margin 0 96 (d) Current ratio Numerator. Denominator Current ratio Current ratio K Required 2