Question

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	$	5,000
104	Short-term investments		23,000
126	Supplies		8,100
128	Prepaid insurance		7,000
167	Equipment		40,000
168	Accumulated depreciation—Equipment					$	20,000
173	Building		150,000
174	Accumulated depreciation—Building						50,000
183	Land		55,000
201	Accounts payable						16,500
203	Interest payable						2,500
208	Rent payable						3,500
210	Wages payable						2,500
213	Property taxes payable						900
233	Unearned professional fees						7,500
251	Long-term notes payable						67,000
307	Common stock						5,000
318	Retained earnings						121,400
319	Dividends		13,000
401	Professionalfees earned						97,000
406	Rent earned						14,000
407	Dividends earned						2,000
409	Interest earned						2,100
606	Depreciation expense—Building		11,000
612	Depreciation expense—Equipment		6,000
623	Wages expense		32,000
633	Interest expense		5,100
637	Insurance expense		10,000
640	Rent expense		13,400
652	Supplies expense		7,400
682	Postage expense		4,200
683	Property taxes expense		5,000
684	Repairs expense		8,900
688	Telephone expense		3,200
690	Utilities expense		4,600
	Totals	$	411,900			$	411,900

  
The December 31, 2016, credit balance of the Retained Earnings account was $121,400. 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 retained earnings 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:

- 1.a 1.b 1.c 2 2and 3

Answer 1

Ans 1.a.
TYBALT Constrcuction
Income Statement
For the year ended Dec 31,2017
Particulars	Amt $	Amt $
Service Revenue		97,000
Operating Expenses
Supplies expense	7,400
Wages expense	32,000
Depreciation expense—Building	11,000
Depreciation expense—Equipment	6,000
Insurance expense	10,000
Rent expense	13,400
Postage expense	4,200
Property taxes expense	5,000
Repairs expense	8,900
Telephone expense	3,200
Utilities expense	4,600
Total Operating Expenses		105,700
Operating Income /(Loss)		(8,700)
Other Income /(Expenses)
Interest expense	-5,100
Income -Rent	14,000
Income -Dividend	2,000
Income-Interest	2,100
Total Other Income /(Expenses)		13,000
EBT		4,300
Tax		-
Net Income		4,300

Ans 1.b.
TYBALT Constrcuction
Retained Earning Statement
For the year ended Dec 31,2017
Particulars	Amt $
Beginning Balance Retained Earning	121,400
Add Net Income or the year from Income statement	4,300
Less: Dividend Paid	(13,000)
Ending Balance Retained Earning	112,700

Ans 1.c.
TYBALT Constrcuction
Balance sheet
As on Dec31,2017.
Assets	Amt $	Liabilities & Equity	Amt $
Current Assets		Current Liabilities
Cash	5,000	Accounts Payable	16,500
Short Term Investments	23,000	Interest Payable	2,500
Supplies	8,100	Rent Payable	3,500
Prepaid Insurance	7,000	Wages Payable	2,500
Total Current Assets	43,100	Property Tax Payable	900
		Unearned Service Revenue	7,500
Non Current Assets		Notes Payabel-Current Portion	7,000
Equipment	40,000	Total Current Liabilities	40,400
Accumulated Depreciation -Equipment	(20,000)	Notes Payable-Non Current Portion	60,000
Building	150,000	Total Liabilities	100,400
Accumulated Depreciation -Building	(50,000)	Stockholders' Equity
Land	55,000	Common Stock	5,000
Net Fixed Assets	175,000	Retained Earning	112,700
		Total Stockholders' Equity	117,700
Total Assets	218,100	Total Liabilities & Equity	218,100

Ans 2.
Clsoing Entries
Accounts	Dr $	Cr $
Service Revenue	97,000
Income -Rent	14,000
Income -Dividend	2,000
Income-Interest	2,100
Income Summary		115,100
Supplies expense		7,400
Wages expense		32,000
Depreciation expense—Building		11,000
Depreciation expense—Equipment		6,000
Insurance expense		10,000
Rent expense		13,400
Postage expense		4,200
Property taxes expense		5,000
Repairs expense		8,900
Telephone expense		3,200
Utilities expense		4,600
Interest expense		5,100
Income Summary	110,800
Income Summary	4,300	ekkarill92 Next > < Previous Related Solutions The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. TYBALT CONSTRUCTION Adjusted... 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 23,000 126 Supplies 8,800 128 Prepaid insurance 7,700 167 Equipment 50,000 168 Accumulated depreciation—Equipment $ 25,000 173 Building 168,000 174 Accumulated depreciation—Building 56,000 183 Land 62,280 201 Accounts payable 16,500 203 Interest payable 2,000 208 Rent payable 3,200 210 Wages payable 2,000 213 Property taxes payable 1,000... The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. TYBALT CONSTRUCTION Adjusted... The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. 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