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	$	8,000
104	Short-term investments		22,500
126	Supplies		9,100
128	Prepaid insurance		8,800
167	Equipment		50,000
168	Accumulated depreciationEquipment					$	25,000
173	Building		177,000
174	Accumulated depreciationBuilding						59,000
183	Land		54,420
201	Accounts payable						17,500
203	Interest payable						2,600
208	Rent payable						3,000
210	Wages payable						2,300
213	Property taxes payable						900
233	Unearned professional fees						7,800
251	Long-term notes payable						67,000
301	O. Tybalt, Capital						131,300
302	O. Tybalt, Withdrawals		12,300
401	Professional fees earned						103,000
406	Rent earned						17,500
407	Dividends earned						2,100
409	Interest earned						2,300
606	Depreciation expenseBuilding		12,980
612	Depreciation expenseEquipment		7,500
623	Wages expense		31,000
633	Interest expense		3,400
637	Insurance expense		7,600
640	Rent expense		10,100
652	Supplies expense		6,100
682	Postage expense		2,900
683	Property taxes expense		4,700
684	Repairs expense		7,200
688	Telephone expense		2,400
690	Utilities expense		3,300
	Totals	$	441,300			$	441,300

O. Tybalt invested $8,000 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $123,300). 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: