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	$	5,500
104	Short-term investments		24,500
126	Supplies		9,700
128	Prepaid insurance		8,700
167	Equipment		50,000
168	Accumulated depreciationEquipment					$	25,000
173	Building		168,000
174	Accumulated depreciationBuilding						56,000
183	Land		57,780
201	Accounts payable						16,500
203	Interest payable						2,400
208	Rent payable						3,000
210	Wages payable						2,400
213	Property taxes payable						1,000
233	Unearned professional fees						7,900
251	Long-term notes payable						67,500
301	O. Tybalt, Capital						132,000
302	O. Tybalt, Withdrawals		10,600
401	Professional fees earned						101,000
406	Rent earned						17,500
407	Dividends earned						2,200
409	Interest earned						2,300
606	Depreciation expenseBuilding		12,320
612	Depreciation expenseEquipment		7,500
623	Wages expense		27,000
633	Interest expense		4,900
637	Insurance expense		8,800
640	Rent expense		13,100
652	Supplies expense		6,300
682	Postage expense		4,000
683	Property taxes expense		4,800
684	Repairs expense		6,100
688	Telephone expense		2,700
690	Utilities expense		4,400
	Totals	$	436,700			$	436,700

O. Tybalt invested $5,500 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $126,500). Tybalt Construction is required to make a $6,500 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: