The adjusted trial balance for Tybalt Construction on December 31 of the current year follows.TYBALT CONSTRUCTIONAdjusted Trial BalanceDecember 31Number Account Title101Cash126Supplies128Prepaid insurance167Equipment168 Accumulated depreciation-Equipmentdepreciation-Building173174183201203208210213236251301302404406409606612623633637640652683BuildingAccumulatedLandAccounts payableInterest payableRent payableWages payableProperty taxes payableUnearned revenueLong-term notes payable0. Tybalt, Capital0. Tybalt, WithdrawalsServices revenueRent revenueInterest revenueDepreciation expense-BuildingDepreciation expense-EquipmentWages expenseInterest expenseInsurance expenseRent expenseSupplies expenseProperty taxes expenseDebit$ 7,50033,3007,30055,000165,00061,55012,60012,1008,25040,0004,7008,50013,2005,8003,900Credit$ 27,50055,00016,5002,1003,1002,9001,30016,30059,500129,500103,00017,0005,000 683Property taxes expenseTotalsOro Tybalt invested $7,500 cash in the business during the year. The O. Tybalt, Capital account balance was $122,000 on December31 of the prior year.Required:1a. Prepare the income statement for the current year ended December 31.1b. Prepare the statement of owner's equity for the current year ended December 31.1c. Prepare the classified balance sheet at December 31 of the current year.2. Prepare the necessary closing entries at December 31 of the current year.mnuresininComplete this question by entering your answers in the tabs below.3,900$ 438,700 $ 438,700Required 1A Required 1B Required 1C Required 2RevenuesPrepare the income statement for the current year ended December 31.TYBALT CONSTRUCTIONIncome StatementFor Year Ended December 31

Financial statements are prepared at the end of the accounting period to assess the financial…

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 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 Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Building Accumulated 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 התמתמונה Debit $ 7,500 33,300 7,300 55,000 165,000 61,550 12,600 12,100 8,250 40,000 4,700 8,500 13,200 5 800 Credit $ 27,500 55,000 16,500 2,100 3,100 2,900 1,300 16,300 59,500 129,500 103,000 17,000 5,000

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 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 Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Building Accumulated 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 התמתמונה Debit $ 7,500 33,300 7,300 55,000 165,000 61,550 12,600 12,100 8,250 40,000 4,700 8,500 13,200 5 800 Credit $ 27,500 55,000 16,500 2,100 3,100 2,900 1,300 16,300 59,500 129,500 103,000 17,000 5,000

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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