Question

Credit $ 30,000 51,000 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 No. Account Title Debit 101 Cash $ 6,000 184 Short-term investments 23,000 126 Supplies 9,280 128 Prepaid insurance 8,300 167 Equipment 60,000 168 Accumulated depreciation-Equipment 173 Building 153,000 174 Accumulated depreciation-Building 183 Land 73,980 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 233 Unearned professional fees 2. Current portion of long term note payable 251 Long-term notes payable 301 O. Tybalt, Capital 302 O. Tybalt, Withdrawals 10,100 401 Professional fees earned 406 Rent earned 407 Dividends earned 409 Interest earned 606 Depreciation expense-Building 11,220 612 Depreciation expense-Equipment 9,000 623 Wages expense 27,000 633 Interest expense 4,600 637 Insurance expense 8,300 640 Rent expense 12,000 652 Supplies expense 5,800 682 Postage expense 2,100 683 Property taxes expense 3,800 17,500 2,700 3,200 2,400 1,300 7,700 7,500 59,500 132,500 104,000 17,000 2,800 2,400

Answer 1

$ Tybalt Construction Income Statement For the Year Ending December 31, 2019 Particulars Amount ($) Professional Fees Earned $ 1,04,000 Other Income: - Rent Earned 17,000 - Dividend Earned 2,800 - Interest Earned 2,400 $ 22,200 Total Revenue $ 1,26,200 Less : Expenses Depreciation Expense - Building Depreciation Expense - Equipment Wages Expense Interest Expense Insurance Expense Rent Expense Supplies Expense Postage Expense Property Taxes Expense Repairs Expense Telephone Expense utilities Expense Total Expenses Net Income A LA LA LA LA LA LA LA LA LA LA LA 11,220 9,000 27,000 4,600 8,300 12,000 5,800 2,100 3,800 7,200 3,000 3,900 $ $ 97,920 28,280

Statement of Retained Earnings : Particulars Retained Earnings $ Equity 1,26,500 6,000 $ A Balance, January 1, 2019 Add : Additions Add: Net Income Less: Withdrawals Balance, December 31, 2019 A $ 28,280 -10,100 18,180 A $ 1,32,500 $

Amount ($) Tybalt Construction Balance Sheet December 31, 2019 Particulars Current Assets : Cash Short-term Investments Supplies Prepaid Insurance A A 6,000 23,000 9,200 8,300 46,500 A A A Property, Plant and Equipment: Land $ 73,980 A Buildings Accum. Dep. - Building 1,53,000 -51,000 $ $ 1,02,000 A Equipment Accum. Dep. - Equipment Total Assets 60,000 -30,000 A $ 30,000 $ 2,52,480 Current Liabilities : Accounts Payables Interest Payables Rent Payables Wages Payables Property taxes Payable Unearned Professional Fees Long-term Notes Payables (Current) A tA AA A 17,500 2,700 3,200 2,400 1,300 7,700 7,500 42,300 A A A A $ 59,500 $ 1,01,800 Non-Current Liabilities : Long-term Notes Payable Total Liabilities Equity : O. Tybalt, Capital Retained Earnings Total Equity $ 1,32,500 $ 18,180 $ 1,50,680 Total Liabilities and Equity $ 2,52,480

Journal Entries : Particulars Debit Credit A A Professional Fees Earned Rent Earned Dividend Earned Interest Earned Income Summary 1,04,000 17,000 2,800 2,400 A A $ 1,26,200 $ 97,920 A A A A A A Income Summary Depreciation Expense - Building Depreciation Expense - Equipment Wages Expense Interest Expense Insurance Expense Rent Expense Supplies Expense Postage Expense Property Taxes Expense Repairs Expense Telephone Expense Utilities Expense A 11,220 9,000 27,000 4,600 8,300 12,000 5,800 2,100 3,800 7,200 3,000 3,900 A A A A A A $ 28,280 Income Summary Retained Earnings $ 28,280