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 | |||
Problem 3-8A Preparing closing entries, financial statements, and ratios LO A1, A2, P3, P4 The adjusted...
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 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 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 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 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 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 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 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...
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...
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...