Homework Help is Here – Start Your Trial Now!
Business
Accounting
The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Number Account Title 101 Cash 126 128 167 168 173 174 183 201 203 208 210 213 236 251 301 302 404 406 409 606 612 623 633 637 640 652 683 Supplies Prepaid insurance Equipment Accumulated Building Accumulated TYBALT CONSTRUCTION Adjusted Trial Balance. December 31 depreciation-Equipment depreciation-Building Land Accounts payable Interest payable Rent payable Wages payable Property taxes payable Unearned revenue Long-term notes payable 0. Tybalt, Capital 0. Tybalt, Withdrawals Services revenue Rent revenue Interest revenue Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Totals Debit $ 6,000 32,500 7,000 45,000 180,000 59,150 12,500 13,200 6,750 45,000 Credit $ 22,500 60,000 17,000 2,500 3,900 2,600 1,000 15,600 62,500 127,900 104,000 18,000 5,100 3,600 9,500 12,700 6,300 3,400 $ 442,600 $ 442,600 Oro Tybalt invested $6,000 cash in the business during the year. The O. Tybalt, Capita account balance was $121,900 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of owner's equity for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year.

The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Number Account Title 101 Cash 126 128 167 168 173 174 183 201 203 208 210 213 236 251 301 302 404 406 409 606 612 623 633 637 640 652 683 Supplies Prepaid insurance Equipment Accumulated Building Accumulated TYBALT CONSTRUCTION Adjusted Trial Balance. December 31 depreciation-Equipment depreciation-Building Land Accounts payable Interest payable Rent payable Wages payable Property taxes payable Unearned revenue Long-term notes payable 0. Tybalt, Capital 0. Tybalt, Withdrawals Services revenue Rent revenue Interest revenue Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Totals Debit $ 6,000 32,500 7,000 45,000 180,000 59,150 12,500 13,200 6,750 45,000 Credit $ 22,500 60,000 17,000 2,500 3,900 2,600 1,000 15,600 62,500 127,900 104,000 18,000 5,100 3,600 9,500 12,700 6,300 3,400 $ 442,600 $ 442,600 Oro Tybalt invested $6,000 cash in the business during the year. The O. Tybalt, Capita account balance was $121,900 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of owner's equity for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Image not Allow & Complete Step by step Answer thanks In Advance

8 01:58:34 Print The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Number Account Title 101 Cash 126 Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building 128 167 168 173 174 183 201 203 208 210 213 TYBALT CONSTRUCTION Adjusted Trial Balance. December 31 652 683 Land Accounts payable Interest payable Rent payable Wages payable Property taxes payable 236 Unearned revenue 251 Long-term notes payable 301 0. Tybalt, Capital 302 0. Tybalt, Withdrawals 404 Services revenue 406 Rent revenue 409 Interest revenue 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense Supplies expense Property taxes expense Totals Debit $ 6,000 32,500 7,000 45,000 180,000 59,150 12,500 Credit $ 22,500 60,000 17,000 2,500 3,900 2,600 1,000. 15,600 62,500 127,900 104,000 18,000 5,100 13,200 6,750 45,000 3,600 9,500 12,700 6,300 3,400 $ 442,600 $ 442,600 Oro Tybalt invested $6,000 cash in the business during the year. The O. Tybalt, Capita account balance was $121,900 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of owner's equity for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year.
Transcribed Image Text:8 01:58:34 Print The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Number Account Title 101 Cash 126 Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building 128 167 168 173 174 183 201 203 208 210 213 TYBALT CONSTRUCTION Adjusted Trial Balance. December 31 652 683 Land Accounts payable Interest payable Rent payable Wages payable Property taxes payable 236 Unearned revenue 251 Long-term notes payable 301 0. Tybalt, Capital 302 0. Tybalt, Withdrawals 404 Services revenue 406 Rent revenue 409 Interest revenue 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense Supplies expense Property taxes expense Totals Debit $ 6,000 32,500 7,000 45,000 180,000 59,150 12,500 Credit $ 22,500 60,000 17,000 2,500 3,900 2,600 1,000. 15,600 62,500 127,900 104,000 18,000 5,100 13,200 6,750 45,000 3,600 9,500 12,700 6,300 3,400 $ 442,600 $ 442,600 Oro Tybalt invested $6,000 cash in the business during the year. The O. Tybalt, Capita account balance was $121,900 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of owner's equity for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS