The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31 No. Account Title Debit Credit 101 Cash $6,500 184 Short-term investments 24,000 126 Supplies 9,400 128 Prepaid insurance 7,700 167 Equipment 5 , 168 Accumulated depreciation-Equipment $ 25, eee 173 Building 165, eee 174 Accumulated depreciation-Building 55,800 183 Land 58,800 201 Accounts payable 15, eee 203 Interest payable 2,200 208 Rent payable 3,700 210 Wages payable 2,9ee 213 Property taxes payable 9ee 236 Unearned revenue 7,7ee 244 Current portion of long-term note payable 7,000 251 Long-term notes payable 59,500 307 Common stock 6,500 318 Retained earnings 122,400 319 Dividends 12,100 404 Services revenue 180, eee 406 Rent revenue 17, eee 407 Dividends revenue 2,7ee 409 Interest revenue 2,5ee 606 Depreciation expense-Building 12, 100 612 Depreciation expense-Equipment 7,5ee 623 Wages expense 25, 633 Interest expense 3,500 637 Insurance expense 8,600 640 Rent expense 12,400 652 Supplies expense 6,900 682 Postage expense 2,800 683 Property taxes expense 4,800 684 Repairs expense 7,100 688 Telephone expense 2,200 690 Utilities expense 3.600 Totals $430,000 $430,000 Oro Tybalt invested $6,500 cash in the business in exchange for common stock during the year. The Retained Earnings account balance was $122.400 on December 31 of the prior year Required: ta. Prepare the income statement for the current year ended December 31 1b. Prepare the statement of retained earnings for the current year ended December 31 10. Prepare the classified balance sheet at December 31 2. Prepare the necessary closing entries at December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Prepare the income statement for the current year ended December 31. TYBALT CONSTRUCTION Income Statement For Year Ended December 31 Revenues Total revenues Expenses Required 1A Required 1B Required 10 Required 2 Prepare the income statement for the current year ended December 31. TYBALT CONSTRUCTION Income Statement For Year Ended December 31 Revenues Total revenues Expenses Total expenses Required 1A Required 1B > balance was $122,400 on December 31 of the prior year. exchange for common stock during the year. The Retained Earnings Required: 1a. Prepare the income statement for the current year ended December 31 1b. Prepare the statement of retained earnings for the current year ended December 31. 10. Prepare the classified balance sheet at December 31 2. Prepare the necessary closing entries at December 31 of the current year. Complete this question by entering your answers in the tabs below." Required 1A Required 18 Required 10 Required 2 Prepare the statement of retained earnings for the current year ended December 31. TYBALT CONSTRUCTION Statement of Retained Earnings For Year Ended December 31 Retained camings, Doc. 31 prior year end Retained earnings, Dec. 31 current year end ce sheet at December 31. TYBALT CONSTRUCTION Balance Sheet December 31 DER Required 1A Required 1B Required 1C Required 2 Prepare the necessary closing entries at December 31 of the current year. View transaction list Journal entry worksheet Record the entry to close income summary. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general Journal
