Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The adjusted trial balance for Yalta Construction on December 31 of the current year follows. YALTA CONSTRUCTION Adjusted Trial Balance December 31 Number Account
The adjusted trial balance for Yalta Construction on December 31 of the current year follows. YALTA CONSTRUCTION Adjusted Trial Balance December 31 Number Account Title Debit Credit 101 Cash $ 8,000 126 Supplies 33,100 128 Prepaid insurance 8,000 167 Equipment 55,000 168 Accumulated depreciation-Equipment $ 27,500 173 Building 165,000 174 Accumulated depreciation-Building 55,000 183 Land 60,250 201 Accounts payable 15,500 203 Interest payable 2,700 208 Rent payable 3,100 210 Wages payable 3,000 213 Property taxes payable. 1,100 236 Unearned revenue 17,000 251 Long-term notes payable 63,500 301 0. Tybalt, Capital 132,000 302 0. Tybalt, Withdrawals 11,300 404 406 Services revenue Rent revenue 102,000 17,500 409 Interest revenue 4,700 606 Depreciation expense-Building 12,100 612 Depreciation expense-Equipment 8,250 623 Wages expense 48,300 633 Interest expense 4,600 637 Insurance expense 9,100 640 Rent expense 11,900 652 Supplies expense 6,100 683 Property taxes expense 3,600 Totals $ 444,600 $ 444,600 Oro Tybalt invested $8,000 cash in the business during the year. The O. Tybalt, Capital account balance was $124,000 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1A Required 1C Prepare the income statement for the current year ended December 31. YALTA CONSTRUCTION Income Statement For Year Ended December 31 Revenues Total revenues Expenses Oro Tybalt invested $8,000 cash in the business during the year. The O. Tybalt, Capital account balance was $124,000 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1A Required 1C Prepare the income statement for the current year ended December 31. YALTA CONSTRUCTION Income Statement For Year Ended December 31 Revenues Total revenues Expenses
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started