The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. Credit $ Debit 6,880 24,580 9,700 8,600 50,880 $ 25,000 174,000 58,600 55,540 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 No. Account Title 101 Cash 184 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 301 0. 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 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 18,00 2,400 3,100 3,00 1,100 7,200 69,000 128,700 12,400 103,800 15,500 2,800 2,800 12,760 7,500 26,500 3,180 7,800 13,000 5,180 3,888 4,900 8,700 2,100 3,680 $439, 680 $ 439,600 O. Tybalt Invested $6,000 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $122,700). Tybalt Construction is required to make a $7,000 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: % Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 13 Required 1C 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 fes earned $ 100,000 Rent earned 15.500 Dividends earned ned 2.000 x Interesteamed 2.400 30 119,900 Total revenues Expenses Depreciation expense Building Depreciation expense Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Postage expense Property taxes expense OOOOOOOOOOOO 11.880 x 7,500 28.500 4.800 7.300 11.600 7.100% 3.500X 3.100 7.800 2100 3.600 X 06666666000 Repas expense Telephone expense U s expense Total expenses 98 580 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 owner's equity for the calendar year 2017. TYBALT CONSTRUCTION Statement of Owner's Equity For Year Ended December 31, 2017 O. Tybalt, Capital, Dec. 31, 2016 Add: Investments by owner $ 6,500 Add: Net income 21,320 X $ 126,300 X 27,820 Less: Withdrawals by owner O. Tybalt, Capital, Dec. 31, 2017 154,120 10,000 x 144,120 $ Balance Sheet December 31, 2017 Assets Current assets $ Cash Short-term investments Supplies Prepaid insurance 6,500 22.000X 8,000 3.300 Total current assets $ 44,800 Plant assets Equipment Accumulated depreciation-Equipment 25,000 50,000 (25,000) 162,000 X (54,000) 1300 Building Accumulated depreciation-Building Land 108,000 88,020 201,020 245,820 $ Liabilities Current liabilities Accounts payable Interest payable Rent payable Wages payable Property taxes payable Uneamed professional fees Current portion of long-term notes payable 16,500 000 3.2003 2.400 1.200 7.400 8.500 42,200 Total current liabilities Long-term liabilities Long-term notes payable Total liabilities 59,500 101.700 Equity O.Tybalt, Capital Total liabilities and equity 144, 120 X 245,820 $ Prepare the necessary closing entries at December 31, 2017. Credit No 1 Date Dec 31 General Journal Professional fees earned Rent earned Debit 100,000 15,500 2,000 X 2,400 Dividends earned Interest earned Income summary 119,900 Dec 31 98,980 Income summary Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Postage expense Property taxes expense Repairs expense Telephone expense Utilities expense 11,880 7,500 28,500 4,800 X 7,300 11,600 7,100 3,500 3,100 7,800X 2,100 3,400 x Dec 31 21,320 x Income summary O. Tybalt, Capital 21,320 x 4 Dec 31 10,000 O. Tybalt, Capital O. Tybalt, Withdrawals 10,000 X Pomurod 10 Required 3