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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 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.

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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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: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
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
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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