Question

Problem 3-8A Preparing closing entries, financial statements, and ratios LO A1, A2, P3, P4 The adjusted trial balance for Tyb
2,600 1.200 7,700 68,500 7.500 126,500 11,700 99,000 16,500 2.900 3,000 210 Wagas payable 213 Property taxes payable 233 Unea
Prepare the income statement for the calendar year 2018. TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 201
The December 31, 2017, credit balance of the Retained Earnings ac $7,500 payment on its long-term notes payable during 2019.
Seved TYBALT CONSTRUCTION Balance Sheet December 31, 2018
Tk #2 $ L $ / 111 /
Sad Complete this question by entering your answers in the tabs below. Reg 3 Req 1A Reg 1B Req 2 Req 1C Use the information i


0 0
Add a comment Improve this question Transcribed image text
Answer #1

1A

Tybalt Construction
Income Statement
For Year Ended December 31
Revenues
Professional fees earned   99,000
Rent earned 16,500
Dividends earned     2,900
Interest Earned     3,000
Total Revenues 121,400
Expenses
Depreciation Expense - Building   11,220
Depreciation Expense - Equipment     9,000
Wages Expense 30,500
Interest Expense     3,300
Insurance Expense     9,800
Rent Expense 13,000
Supplies Expense     5,400
Postage Expense     2,600
Property taxes Expense     4,600
Repairs Expense     7,600
Telephone Expense     2,100
Utilities Expense     4,200
Total Expenses 103,320
Net Income     18,080

1B

Tybalt Construction
Statement of Retained Earnings
For Year Ended December 31
Retained Earnings, Dec. 31 126,500
Add: Net Income     18,080
144,580
Less: Dividends     11,700
Retained Earnings, Dec. 31 132,880

1C

Tybalt Construction
Balance Sheet
Dec. 31
Assets
Current assets
Cash       7,500
Short-term investments     25,000
Supplies       9,200
Prepaid Insurance       8,700
Total Current Assets     50,400
Plant Assets
Equipment     60,000
Accumulated Depreciation - Equipment     30,000     30,000
Building 153,000
Accumulated Depreciation - Building     51,000 102,000
Land     60,280
192,280
Total Assets 242,680
Liabilities
Current liabilities
Accounts payable     16,500
Interest payable       2,100
Rent Payable       3,700
Wages Payable       2,600
Property taxes payable       1,200
Unearned professional fees       7,700
Current portion of Long-term notes payable       7,500
Total current liabilities     41,300
Long term notes payable     61,000
Total Liabilities 102,300
Equity
Common stock       7,500
Retained Earnings 132,880
Total Equity 140,380
Total Liabilities and equity 242,680

2

No. Date General Journal Debit Credit
      1 Dec. 31 Professional fees earned     99,000
Rent earned     16,500
Dividends earned       2,900
Interest Earned       3,000
Income summary 121,400
      2 Dec. 31 Income Summary 103,320
Depreciation Expense - Building       11,220
Depreciation Expense - Equipment       9,000
Wages Expense     30,500
Interest Expense       3,300
Insurance Expense       9,800
Rent Expense     13,000
Supplies Expense       5,400
Postage Expense       2,600
Property taxes Expense       4,600
Repairs Expense       7,600
Telephone Expense       2,100
Utilities Expense       4,200
      3 Dec. 31 Income Summary     18,080
Retained Earnings     18,080
      4 Dec. 31 Retained Earnings     11,700
Dividends     11,700
Add a comment
Know the answer?
Add Answer to:
Problem 3-8A Preparing closing entries, financial statements, and ratios LO A1, A2, P3, P4 The adjusted...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Problem 4-4A Preparing closing entries, financial statements, and ratios LO C3, A1, P2 The adjusted trial...

    Problem 4-4A Preparing closing entries, financial statements, and ratios LO C3, A1, P2 The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. Credi $ Debit 7,589 22,090 9,280 8,580 45,000 188,888 $ 22,500 60,000 61,550 17,500 2,500 3,600 2,900 700 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 No. Account Title 101 Cash 184 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable...

  • The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. TYBALT CONSTRUCTION Adjusted...

    The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 No. Account Title Debit Credit 101 Cash $ 7,500 104 Short-term investments 22,000 126 Supplies 8,700 128 Prepaid insurance 8,800 167 Equipment 45,000 168 Accumulated depreciation—Equipment $ 22,500 173 Building 168,000 174 Accumulated depreciation—Building 56,000 183 Land 65,530 201 Accounts payable 16,500 203 Interest payable 2,600 208 Rent payable 3,700 210 Wages payable 2,900 213 Property taxes payable 1,300...

  • Preparing closing entries, financial statements, and ratios The adjusted trial balance for Tybalt Construction as of...

    Preparing closing entries, financial statements, and ratios The adjusted trial balance for Tybalt Construction as of December 31, 2015. follows. TYLALT CONSTRUCTION Austed Trial Balance December 31, 2015 Account Tide Debit Credit 101 $ 104 5.000 126 Cash Short-term investments .. Supplies .. Prepaid insurance ... Equipment Accumulated depreciation Building Accumulated depreciation 22.000 8.100 7.000 40.000 Equip 167 168 173 174 192 $ 20,000 150.000 Building 50.000 55.000 203 16.500 2.500 2500 2500 210 7500 67.000 5.000 121,400 233 251...

  • The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit $ 25,000...

    The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit $ 25,000 SYBAL CONSTRUCTION Adjusted Trial Balance December 31, 2019 No. Account Title Debit 101 Cash $ 5,000 104 Short-term investments 2 3,500 126 Supplies 9.100 128 Prepaid insurance 7,800 167 Equipment 50,000 16 Accumulated depreciation Equipment 173 Duilding 156,000 124 Accumulated depreciation _ Blding 193 Land 73,760 201 Accounta payable 203 Interest payable 208 Rent payable 210 Wagen payable 213 Property taxes payable Unearned professional...

  • The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit $ 30,000...

    The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit $ 30,000 52,000 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 No. Account Title Debit 101 Cash $ 7,500 104 Short-term investments 25,000 126 Supplies 9,700 128 Prepaid insurance 7,800 167 Equipment 60,000 168 Accumulated depreciation-Equipment 173 Building 156,000 174 Accumulated depreciation-Building 183 Land 58,960 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 233 Unearned professional fees 244...

  • The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. TYBALT CONSTRUCTION Adjusted...

    The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 Debit Account Title Credit No. $ 6,000 101 Cash 104 Short-term investments 24,000 126 Supplies 128 Prepaid insurance 167 Equipment 9,000 8,800 55,000 $ 27,500 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 180,000 60,000 183 Land 59,050 201 Accounts payable 203 Interest payable 208 Rent payable 16,500 2,200 3,400 210 Wages payable 213 Property taxes payable 233 Unearned...

  • Che Problem 13-4A Calculation of financial statement ratios LO P3 Selected year-end financial statements of Cabot...

    Che Problem 13-4A Calculation of financial statement ratios LO P3 Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit: selected balance sheet amounts at December 31, 2016, were inventory, $55,900; total assets, $249,400; common stock, $80,000, and retained earnings, $54,510.) CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales $ 447,600 Cost of goods sold 297,452 Gross profit 150, 150 Operating expenses 99,400 Interest expense 4,800 Income before taxes 45,950 Income taxes 18,510 Net...

  • Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3 The...

    Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3 The following information applies to the questions displayed below.) Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a...

  • The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit $ 20,000...

    The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit $ 20,000 59,000 208 Reiterest bayable TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 No. Account Title Debit 101 Cash $ 7,500 104 Short-term investments 22,500 126 Supplies 8,700 128 Prepaid insurance 7,300 167 Equipment 40,000 168 Accumulated depreciation-Equipment 173 Building 177,000 174 Accumulated depreciation-Building 183 Land 56,720 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 233 Unearned...

  • 8 The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit ts...

    8 The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit ts eBook $ 27,500 Print 50,000 ferences TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 Debit No. Account Title $ 6,000 101 Cash 104 Short-term investments 23,500 126 Supplies 9,500 8,900 128 Prepaid insurance 167 Equipment 55,000 168 Accumulated depreciation-Equipment 173 Building 150,000 174 Accumulated depreciation-Building 183 Land 64,350 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT