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 126 128 167 168 173 174 183 201 203 208 210 213 236 251 307 318 319 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 Common stock Retained earnings Dividends 403 Services revenue 406 Rent revenue 409 Interest revenue 606 Depreciation expense-Building Depreciation expense-Equipment 612 623 633 637 640 652 683 Wages expense Interest expense Insurance expense Debit $ 7,000 34,300 7,100 40,000 180,000 63,600 Rent expense Supplies expense Property taxes expense Totals 10,000 13,200 6,000 Credit $ 20,000 60,000 17,000 2,300 3,100 2,700 1,400 15,400 60,500 7,000 124,900 104,000 17,500 4,900 43,000 4,000 9,800 12,500 5,900 4,300 $ 440,700 $ 440,700 The Retained Earnings account balance was $124,900 on December 31 of the prior year. Required: 10. 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. TYBALT CONSTRUCTION Adjusted Trial Balance December 31 Number Account Title 101 Cash 126 128 167 168 173 174 183 201 203 208 210 213 236 251 307 318 319 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 Common stock Retained earnings Dividends 403 Services revenue 406 Rent revenue 409 Interest revenue 606 Depreciation expense-Building Depreciation expense-Equipment 612 623 633 637 640 652 683 Wages expense Interest expense Insurance expense Debit $ 7,000 34,300 7,100 40,000 180,000 63,600 Rent expense Supplies expense Property taxes expense Totals 10,000 13,200 6,000 Credit $ 20,000 60,000 17,000 2,300 3,100 2,700 1,400 15,400 60,500 7,000 124,900 104,000 17,500 4,900 43,000 4,000 9,800 12,500 5,900 4,300 $ 440,700 $ 440,700 The Retained Earnings account balance was $124,900 on December 31 of the prior year. Required: 10. 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
please answer all or leave

Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Required 1A Required 18 Required 1C Required 2
Prepare the income statement for the current year ended December 31.
TYBALT CONSTRUCTION
Income Statement
For Year Ended December 31
Revenues
Total revenues
Expenses
Total expenses
$
0
Complete this question by entering your answers in the tabs below.
Required 2
Prepare the statement of retained earnings for the current year ended December 31.
TYBALT CONSTRUCTION
Statement of Retained Earnings
Required 1A
Required 18
Required 1C
For Year Ended December 31
Retained earnings, December 31 prior year
Retained earnings. December 31 current year
S
0
0
Complete this question by entering your answers in the tabs below.
Required 1A Required 1B Required 1C Required 2
Prepare the classified balance sheet at December 31 of the current year.
TYBALT CONSTRUCTION
Balance Sheet
December 31
$
0
0
0
Complete this question by entering your answers in the tabs below.
Required 1A Required 18 Required 1C Required 2
Prepare the necessary closing entries at December 31 of the current year.
View transaction list
Journal entry worksheet
<
1
Record the entry to close the revenue account(s).
Note: Enter debits before credits.
Date
December 31
General Journal
Debit
Credit

Transcribed Image Text: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 Accumulated depreciation-Equipment
173
174
183
201
203
208
210
213
236
251
307
318
319
403
406
409
606
612
623
633
637
Supplies
Prepaid insurance
Equipment
640
652
683
Building
Accumulated depreciation-Building
Land
Accounts payable
Interest payable
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
$ 7,000
34,300
7,100
40,000
180,000
63,600
10,000
13, 200
6,000
43,000
4,000
9,800
Credit
$ 20,000
60,000
17,000
2,300
3,100
2,700
1,400
15,400
60,500
7,000
124,900
12,500
5,900
4,300
$ 440,700 $ 440,700
The Retained Earnings account balance was $124,900 on December 31 of the prior year.
Required:
10. 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.
104,000
17,500
4,900
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