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Adjusted Trial Balance December 31, 2017 No. Account Title Debit 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 251 Long-term notes payable 301 0. Tybalt, Capital 302 0. Tybalt, Withdrawals 401 Professional fees earned 406 Rent earned 407 Dividends earned Credit $ 6,500 23,500 9,500 7, 200 55,000 $ 27,500 156,000 52,000 71,310 18,000 2,300 3,600 2,100 1,300 7,300 68,500 129,500 12,700 100,000 18,000 2,400 409 Interest earned 2,200 606 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 11,440 8,250 25,500 3,100 8,400 12,800 5,500 2,300 3,100 6,100 2,500 4,000 Totals $434,700 $434,700 O. Tybalt invested $6,5000 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $123,000). Tybalt Construction is required to make a $8,000 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 balance sheet at December 31, 2017. 2 Prenare the necessary closing entries at December 31, 2017.

Adjusted Trial Balance December 31, 2017 No. Account Title Debit 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 251 Long-term notes payable 301 0. Tybalt, Capital 302 0. Tybalt, Withdrawals 401 Professional fees earned 406 Rent earned 407 Dividends earned Credit $ 6,500 23,500 9,500 7, 200 55,000 $ 27,500 156,000 52,000 71,310 18,000 2,300 3,600 2,100 1,300 7,300 68,500 129,500 12,700 100,000 18,000 2,400 409 Interest earned 2,200 606 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 11,440 8,250 25,500 3,100 8,400 12,800 5,500 2,300 3,100 6,100 2,500 4,000 Totals $434,700 $434,700 O. Tybalt invested $6,5000 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $123,000). Tybalt Construction is required to make a $8,000 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 balance sheet at December 31, 2017. 2 Prenare the necessary closing entries at December 31, 2017.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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CONSTRUCTION Adjusted Trial Balance December 31, 2017 No. Account Title Debit 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building Credit $4 6,500 23,500 9,500 7,200 55,000 $ 27,500 156,000 183 Land 52,000 71,310 201 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 0. Tybalt, Capital 302 0. Tybalt, Withdrawals 401 Professional fees earned 18,000 2,300 3,600 2,100 1,300 7,300 68,500 129,500 12,700 100,000 18,000 2,400 2,200 406 Rent earned 407 Dividends earned 409 Interest earned 606 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 11,440 250 25,500 3,100 8,400 12,800 5,500 2,300 3,100 6,100 2,500 4,000 Totals $434,700 $434,700 O. Tybalt invested $6,500 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $123,000). Tybalt Construction is required to make a $8,000 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 balance sheet at December 31, 2017. 2. Prepare the necessary closing entries at December 31, 2017.
Transcribed Image Text:CONSTRUCTION Adjusted Trial Balance December 31, 2017 No. Account Title Debit 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building Credit $4 6,500 23,500 9,500 7,200 55,000 $ 27,500 156,000 183 Land 52,000 71,310 201 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 0. Tybalt, Capital 302 0. Tybalt, Withdrawals 401 Professional fees earned 18,000 2,300 3,600 2,100 1,300 7,300 68,500 129,500 12,700 100,000 18,000 2,400 2,200 406 Rent earned 407 Dividends earned 409 Interest earned 606 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 11,440 250 25,500 3,100 8,400 12,800 5,500 2,300 3,100 6,100 2,500 4,000 Totals $434,700 $434,700 O. Tybalt invested $6,500 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $123,000). Tybalt Construction is required to make a $8,000 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 balance sheet at December 31, 2017. 2. Prepare the necessary closing entries at December 31, 2017.
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