The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit $ Debit 5,500 23,500 9,700 8,100 55,000 165,000 $ 27,500 55,000 54,750 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 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 244 Current portion of long term note payable 251 Long-term notes payable 301 O. Tybalt, Capital 302 0 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 exponso 633 Interest expense 637 Insurance expense 640 Rent expense RE Onlinnan 16,000 2,400 3,500 2,200 1,100 7,600 6,000 58,500 126,600 11,500 101,000 17,500 2.300 2,200 12,100 8.250 26,000 3,800 8,500 12,400 BRA 7.600 6,000 58,500 126,600 11,500 101.000 17,500 2,300 2,200 233 Unearned professional fees 244 Current portion of long term note payable 251 Long-term notes payable 301 O. Tybalt, Capital 302 O. Tybalt, Withdrawals 401 Professional fees earned 408 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 12.100 8.250 26,000 3.800 8.500 12400 6.500 2.800 3.200 6.600 1.900 4.300 $429,400 $429,400 O.Tybalt invested $5,500 cash in the business during year 2019 (the December 31, 2018, credit balance of the O. Tybalt, Capital account was $121,100). Required: 1a. Prepare the income statement for the calendar year 2019 1b. Prepare the statement of owner's equity for the calendar year 2019. 1c. Prepare the classified balance sheet at December 31, 2019. 2. Prepare the necessary closing entries at December 31, 2019 3. Use the information in the financial statements to compute the following ratios: Complete this question by entering your answers in the tabs below. TYBALT CONSTRUCTION Balance Sheet December 31, 2019 Assets [$ Current assets Cash Short-term investments Supplies Prepaid insurance 5,500 23,500 9,700 8,100 46,800 Total current assets Current assets (110,250) 54,750 165,000 (55,000) 55,000 Building Accumulated depreciation-Building Equipment Accumulated depreciation Equipment Total current assets Total assets Liabilities (110,000) 27,500 (192,750) (145,950) Accounts payable Interest payable Rent payable 16,000 2,400 3.500 (110.250) 165,000 (55,000) 55,000 Building Accumulated depreciation-Building Equipment Accumulated depreciation-Equipment Total current assets Total assets Liabilities (110,000) 27,500 (192,750) (145,950) Accounts payable Interest payable Rent payable Wages payablo Property taxes payable 1 Unearned professional fees Current portion of long-term notes payable 16,000 2.400 3,500 12,200 1,100 7,600 6,000 Total current liabilities 38,800 Long-term notes payable Total liabilities 58,500 97,300 Equity 10. Tybalt, Capital Total liabilities and equity 141,750 239,050 Journal entry worksheet Record the entry to close revenue account(s). 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, 2018, was $200,000) Numerator: 1 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 0 % (d) Current ratio Numerator: Denominator: Current ratio Current ratio