The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. 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 307 Common stock 318 Retained earnings 319 Dividends 401 Professional fees earned 406 Rent earned 407 Dividends earned 409 Interest earned 686 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 Debit Credit $ 5,000 23,880 8,180 7,000 40,000 $ 20,000 150,880 50,000 55,000 16,500 2,500 3,500 2,500 900 7,500 7,000 60,000 5,000 121,400 13,000 97,000 14,080 2,000 2,100 11,000 6,000 32,000 5,100 10,000 13,400 7,400 4,200 5,000 8,900 3,200 4,600 $411,900 $411,900 O.Tybalt invested $5,000 cash in the business in exchange for common stock during year 2019. The December 31, 2018, credi balance of the Retained Earnings account was $121,400. Required: 1a. Prepare the income statement for the calendar-year 2019, 1b. Prepare the statement of retained earnings 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. Complete this question by entering your answers in the tabs below. Print Required 1A Required 1B Required 1C Required 2 Prepare the income statement for the calendar year 2019. TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2019 Revenues $ 0 Total revenues Expenses bec 4 O.Tybalt invested $5,000 cash in the business in exchange for common stock during year 2019. The December 31, 2018, credit balance of the Retained Earnings account was $121,400. Required: 1a. Prepare the income statement for the calendar-year 2019, 1b. Prepare the statement of retained earnings 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. 5 oints Complete this question by entering your answers in the tabs below. Print Required 1A Required 18 Required 1C Required 2 Prepare the statement of retained earnings for the calendar-year 2019. TYBALT CONSTRUCTION Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, Dec. 31, 2018 0 $ 112,700 Retained earnings, Dec 31, 2019 Complete this question by entering your answers in the tabs below. 4 Required 1A Required 1B Required 1C Required 2 Prepare the classified balance sheet at December 31, 2019. 35 points TYBALT CONSTRUCTION Balance Sheet December 31, 2019 Print $ 0 0 $ 0 0 Prepare the necessary closing entries at December 31, 2019. 7 View transaction list Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Date Credit Debit General Journal Dec 31 Record entry Clear entry View general journal
