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The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31 Number Account Title 101 Cash Supplies Prepaid insurance 126 128 167 Equipment 168 Accumulated 173 174 183 201 203 208 210 213 236 251 Building Accumulated depreciation-Equipment depreciation-Building Land Accounts payable Interest payable Rent payable Wages payable Property taxes payable. Unearned revenue Long-term notes payable 307 Common stock 318 Retained earnings 319 Dividends 403 Services revenue 406 Rent revenue 409 Interest revenue 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 633 637 640 652 683 Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Totals Debit $ 6,500 30,500 8,400 50,000 156,000 74,060 10,100 11,440 7,500 44,600 3,700 8,800 10,300 Credit $ 25,000 52,000 15,000 2,500 3,500 2,200 800 13,200 63,500 6,500 122,600 103,000 15,500 5,600 5,900 3,100 $430,900 $430,900

The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31 Number Account Title 101 Cash Supplies Prepaid insurance 126 128 167 Equipment 168 Accumulated 173 174 183 201 203 208 210 213 236 251 Building Accumulated depreciation-Equipment depreciation-Building Land Accounts payable Interest payable Rent payable Wages payable Property taxes payable. Unearned revenue Long-term notes payable 307 Common stock 318 Retained earnings 319 Dividends 403 Services revenue 406 Rent revenue 409 Interest revenue 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 633 637 640 652 683 Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Totals Debit $ 6,500 30,500 8,400 50,000 156,000 74,060 10,100 11,440 7,500 44,600 3,700 8,800 10,300 Credit $ 25,000 52,000 15,000 2,500 3,500 2,200 800 13,200 63,500 6,500 122,600 103,000 15,500 5,600 5,900 3,100 $430,900 $430,900

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 Retained Earnings account balance was $122,600 on December 31 of the prior year. 1a.Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of retained earnings 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 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 174 183 201 203 208 210 213 236 251 307 318 319 403 406 409 606 612 623 633 637 640 652 683 Building Accumulated depreciation-Building Land Accounts payable Interest payable TYBALT CONSTRUCTION Adjusted Trial Balance December 31 Rent payable Wages payable Property taxes payable. Unearned revenue Long-term notes payable Common stock Retained earnings Dividends 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 $ 6,500 30,500 8,400 50,000 156,000 74,060 10,100 11,440 7,500 44,600 3,700 8,800 10,300 5,900 3,100 $430,900 Credit $ 25,000 52,000 15,000 2,500 3,500 2,200 800 13, 200 63,500 6,500 122,600 103,000 15,500 5,600 $430,900 4
Transcribed Image Text:The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 174 183 201 203 208 210 213 236 251 307 318 319 403 406 409 606 612 623 633 637 640 652 683 Building Accumulated depreciation-Building Land Accounts payable Interest payable TYBALT CONSTRUCTION Adjusted Trial Balance December 31 Rent payable Wages payable Property taxes payable. Unearned revenue Long-term notes payable Common stock Retained earnings Dividends 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 $ 6,500 30,500 8,400 50,000 156,000 74,060 10,100 11,440 7,500 44,600 3,700 8,800 10,300 5,900 3,100 $430,900 Credit $ 25,000 52,000 15,000 2,500 3,500 2,200 800 13, 200 63,500 6,500 122,600 103,000 15,500 5,600 $430,900 4
View transaction list Journal entry worksheet < 1 2 Date December 31 3 Record the entry to close the revenue account(s). Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:View transaction list Journal entry worksheet < 1 2 Date December 31 3 Record the entry to close the revenue account(s). Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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