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The adjusted trial balance for Tybalt Construction as of December 31, 2015, follows. Problem 4-4A TYBALT CONSTRUCTION Preparing closing entries, financial statements, and Adjusted Trial Balance December 31, 2015 ratios No. Account Title Debit Credit C3 A1 P2 $ 5,000 23,000 101 Cash..... 104 Short-term investments 126 Supplies. Prepaid insurance Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building 8,100 128 7,000 167 40,000 168 $ 20,000 173 150,000 50,000 174 183 55,000 Land Accounts payable Interest payable Rent payable Wages payable Property taxes payable. Unearned professional fees Long-term notes payable O. Tybalt, Capital. O. Tybalt, Withdrawals Professional fees earned 201 16,500 2,500 3,500 2,500 203 208 210 213 900 233 7,500 67,000 126,400 251 301 302 13,000 401 97,000 406 Rent earned 14,000 2,000 2,100 407 Dividends earned Interest carned. Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense . Insurance expense Rent expense 409 I1,000 6,000 32,000 5,100 10,000 13,400 7,400 606 612 623 633 637 640 Supplies expense Postage expense. Property taxes expense Repairs expense Telephone expense Utilities expense. 652 682 4,200 683 5,000 684 8,900 688 3,200 690 4,600 Totals $411,900 $411,900 Required 1. Prepare the income statement and the statement of owner's equity for the calendar year 2015 and the classified balance sheet at December 31, 2015. 2. Prepare the necessary closing entries at December 31, 2015. 3. Use the information in the financial statements to compute these ratios: (a) return on assets (total as- sets at December 31, 2014, was $200,000), (b) debt ratio, (c) profit margin ratio (use total revenues as the denominator), and (d) current ratio. Round ratios to three decimals for parts a and c, and to two decimals for parts b and d.

The adjusted trial balance for Tybalt Construction as of December 31, 2015, follows. Problem 4-4A TYBALT CONSTRUCTION Preparing closing entries, financial statements, and Adjusted Trial Balance December 31, 2015 ratios No. Account Title Debit Credit C3 A1 P2 $ 5,000 23,000 101 Cash..... 104 Short-term investments 126 Supplies. Prepaid insurance Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building 8,100 128 7,000 167 40,000 168 $ 20,000 173 150,000 50,000 174 183 55,000 Land Accounts payable Interest payable Rent payable Wages payable Property taxes payable. Unearned professional fees Long-term notes payable O. Tybalt, Capital. O. Tybalt, Withdrawals Professional fees earned 201 16,500 2,500 3,500 2,500 203 208 210 213 900 233 7,500 67,000 126,400 251 301 302 13,000 401 97,000 406 Rent earned 14,000 2,000 2,100 407 Dividends earned Interest carned. Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense . Insurance expense Rent expense 409 I1,000 6,000 32,000 5,100 10,000 13,400 7,400 606 612 623 633 637 640 Supplies expense Postage expense. Property taxes expense Repairs expense Telephone expense Utilities expense. 652 682 4,200 683 5,000 684 8,900 688 3,200 690 4,600 Totals $411,900 $411,900 Required 1. Prepare the income statement and the statement of owner's equity for the calendar year 2015 and the classified balance sheet at December 31, 2015. 2. Prepare the necessary closing entries at December 31, 2015. 3. Use the information in the financial statements to compute these ratios: (a) return on assets (total as- sets at December 31, 2014, was $200,000), (b) debt ratio, (c) profit margin ratio (use total revenues as the denominator), and (d) current ratio. Round ratios to three decimals for parts a and c, and to two decimals for parts b and d.

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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The adjusted trial balance for Tybalt Construction as of December 31, 2015, follows. Problem 4-4A TYBALT CONSTRUCTION Preparing closing entries, financial statements, and Adjusted Trial Balance December 31, 2015 ratios No. Account Title Debit Credit C3 A1 P2 $ 5,000 23,000 8,100 Toi Cash 104 Short-term investments Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building 126 128 7,000 167 40,000 168 $ 20,000 173 150,000 174 50,000 183 Land 55,000 201 Accounts payable Interest payable Rent payable Wages payable Property taxes payable. Unearned professional fees Long-term notes payable O. Tybalt, Capital O. Tybalt, Withdrawals Professional fees earned 16,500 203 2,500 208 3,500 210 2,500 213 900 233 7,500 251 67,000 126,400 301 302 13,000 401 97,000 406 Rent earned 14,000 407 Dividends earned 2,000 409 Interest carned 2,100 Depreciation expense-Building Depreciation expense–Equipment . Wages expense Interest expense Insurance expense Rent expense Supplies expense Postage expense Property taxes expense Repairs expense Telephone expense Utilities expense . Totals 606 11,000 612 6,000 623 32,000 633 5,100 637 10,000 640 13,400 652 7,400 682 4,200 683 5,000 684 8,900 688 3,200 690 4,600 $411,900 $411,900 Required 1. Prepare the income statement and the statement of owner's equity for the calendar year 2015 and the classified balance sheet at December 31, 2015. 2. Prepare the necessary closing entries at December 31, 2015. 3. Use the information in the financial statements to compute these ratios: (a) return on assets (total as- sets at December 31, 2014, was $200,000), (b) debt ratio, (c) profit margin ratio (use total revenues as the denominator), and (d) current ratio. Round ratios to three decimals for parts a and c, and to two decimals for parts b and d.
Transcribed Image Text:The adjusted trial balance for Tybalt Construction as of December 31, 2015, follows. Problem 4-4A TYBALT CONSTRUCTION Preparing closing entries, financial statements, and Adjusted Trial Balance December 31, 2015 ratios No. Account Title Debit Credit C3 A1 P2 $ 5,000 23,000 8,100 Toi Cash 104 Short-term investments Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building 126 128 7,000 167 40,000 168 $ 20,000 173 150,000 174 50,000 183 Land 55,000 201 Accounts payable Interest payable Rent payable Wages payable Property taxes payable. Unearned professional fees Long-term notes payable O. Tybalt, Capital O. Tybalt, Withdrawals Professional fees earned 16,500 203 2,500 208 3,500 210 2,500 213 900 233 7,500 251 67,000 126,400 301 302 13,000 401 97,000 406 Rent earned 14,000 407 Dividends earned 2,000 409 Interest carned 2,100 Depreciation expense-Building Depreciation expense–Equipment . Wages expense Interest expense Insurance expense Rent expense Supplies expense Postage expense Property taxes expense Repairs expense Telephone expense Utilities expense . Totals 606 11,000 612 6,000 623 32,000 633 5,100 637 10,000 640 13,400 652 7,400 682 4,200 683 5,000 684 8,900 688 3,200 690 4,600 $411,900 $411,900 Required 1. Prepare the income statement and the statement of owner's equity for the calendar year 2015 and the classified balance sheet at December 31, 2015. 2. Prepare the necessary closing entries at December 31, 2015. 3. Use the information in the financial statements to compute these ratios: (a) return on assets (total as- sets at December 31, 2014, was $200,000), (b) debt ratio, (c) profit margin ratio (use total revenues as the denominator), and (d) current ratio. Round ratios to three decimals for parts a and c, and to two decimals for parts b and d.
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