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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
O. Tybalt invested $7,000 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $122,100). Tybalt Construction is required to make a $9,000 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 owner's equity for the calendar-year 2017.
1c. Prepare the classified
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
Adjusted Trial Balance
December 31, 2017
No.
Account Title
Debit
Credit
$ 7,000
24,000
8,400
7,500
50,000
101 Cash
104 Short-term investments
126 Supplies
128 Prepaid insurance
167 Equipment
168 Accumulated depreciation-Equipment
173 Building
174 Accumulated depreciation-Building
$ 25,000
174,000
58,000
183 Land
53,140
201 Accounts payable
203 Interest payable
208 Rent payable
210 Wages payable
213 Property taxes payable
233 Unearned professional fees
251 Long-term notes payable
301 o. Tybalt, Capital
302 o. Tybalt, Withdrawals
16,000
2,200
3,200
2,100
1,500
8,000
68,500
129,100
10,000
401 Professional fees earned
102,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F863779a1-7705-4b9e-9ef9-cd4ef1904411%2F63be5745-3f50-415d-a91d-b079f673cf01%2Fhkcp1s_processed.png&w=3840&q=75)
Transcribed Image Text:TYBALT CONSTRUCTION
Adjusted Trial Balance
December 31, 2017
No.
Account Title
Debit
Credit
$ 7,000
24,000
8,400
7,500
50,000
101 Cash
104 Short-term investments
126 Supplies
128 Prepaid insurance
167 Equipment
168 Accumulated depreciation-Equipment
173 Building
174 Accumulated depreciation-Building
$ 25,000
174,000
58,000
183 Land
53,140
201 Accounts payable
203 Interest payable
208 Rent payable
210 Wages payable
213 Property taxes payable
233 Unearned professional fees
251 Long-term notes payable
301 o. Tybalt, Capital
302 o. Tybalt, Withdrawals
16,000
2,200
3,200
2,100
1,500
8,000
68,500
129,100
10,000
401 Professional fees earned
102,000
![406 Rent earned
18,000
2,400
2,200
407 Dividends earned
409 Interest earned
606 Depreciation expense-Building
612 Depreciation expense-Equipment
623 Wages expense
633 Interest expense
12,760
7,500
31,000
5,100
637 Insurance expense
8,400
640 Rent expense
12,800
652 Supplies expense
5,200
682 Postage expense
2,400
683 Property taxes expense
684 Repairs expense
688 Telephone expense
690 Utilities expense
4,900
7,500
3,000
3,600
Totals
$438,200
$438,200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F863779a1-7705-4b9e-9ef9-cd4ef1904411%2F63be5745-3f50-415d-a91d-b079f673cf01%2F4ia36ih_processed.png&w=3840&q=75)
Transcribed Image Text:406 Rent earned
18,000
2,400
2,200
407 Dividends earned
409 Interest earned
606 Depreciation expense-Building
612 Depreciation expense-Equipment
623 Wages expense
633 Interest expense
12,760
7,500
31,000
5,100
637 Insurance expense
8,400
640 Rent expense
12,800
652 Supplies expense
5,200
682 Postage expense
2,400
683 Property taxes expense
684 Repairs expense
688 Telephone expense
690 Utilities expense
4,900
7,500
3,000
3,600
Totals
$438,200
$438,200
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