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	$	7,500
104	Short-term investments		24,500
126	Supplies		8,800
128	Prepaid insurance		7,100
167	Equipment		50,000
168	Accumulated depreciationEquipment					$	25,000
173	Building		168,000
174	Accumulated depreciationBuilding						56,000
183	Land		55,280
201	Accounts payable						16,000
203	Interest payable						2,800
208	Rent payable						3,500
210	Wages payable						2,500
213	Property taxes payable						900
233	Unearned professional fees						7,300
251	Long-term notes payable						66,000
301	O. Tybalt, Capital						132,600
302	O. Tybalt, Withdrawals		12,800
401	Professional fees earned						100,000
406	Rent earned						15,500
407	Dividends earned						2,800
409	Interest earned						2,900
606	Depreciation expenseBuilding		12,320
612	Depreciation expenseEquipment		7,500
623	Wages expense		25,500
633	Interest expense		3,600
637	Insurance expense		7,100
640	Rent expense		13,000
652	Supplies expense		7,300
682	Postage expense		3,600
683	Property taxes expense		4,600
684	Repairs expense		8,000
688	Telephone expense		3,000
690	Utilities expense		4,300
	Totals	$	433,800			$	433,800

O. Tybalt invested $7,500 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $125,100). Tybalt Construction is required to make a $7,500 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:

TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2017 Revenues Professional fees earned Rent earned Dividends earned Interest earned 10,000 15,500 2,800 2,900 Total revenues 31,200 Expenses 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 12,320 7,500 25,500 3,600 7,100 13,000 7,300 3,600 4,600 8,000 3,000 4,300 Total expenses 99,820 68,620 Net income