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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education