Question

The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. No. Credit $ Debit 6,000 23,500 8,300 8,700 60,000 $ 30,000 153,000 51,000 62,780 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 Account Title 101 Cash 104 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 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 233 Unearned professional fees 251 Long-term notes payable 307 Common stock 318 Retained earnings ,319 Dividends 401 Professional fees earned 406 Rent earned 407 Dividends earned 409 Interest earned 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 682 Postage expense 683 Property taxes expense 684 Repairs expense 688 Telephone expense 690 Utilities expense Totals 16,500 2,800 3,500 2,900 800 7,500 66,500 6,000 126,800 100 101,000 15,000 2,200 2,500 11, 220 9,000 31,500 3,800 9,500 11,800 5,200 3,300 3,100 8,100 1,900 3,200 $435,000 $435,000

Answer 1

	TYBALT CONSTRUCTION
	Income Statement
	For Year Ended December 31, 2017
	Revenues
	Professional fees	$101,000.00
	Rent	$15,000.00
	Dividends	$2,200.00
	Interest	$2,500.00
	Total revenues		$120,700.00
	Expenses
	Depreciation expense-Building	$11,220.00
	Depreciation expense-Equipment	$9,000.00
	Wages expense	$31,500.00
	Interest expense	$3,800.00
	Insurance expense	$9,500.00
	Rent expense	$11,800.00
	Supplies expense	$5,200.00
	Postage expense	$3,300.00
	Property taxes expense	$3,100.00
	Repairs expense	$8,100.00
	Telephone expense	$1,900.00
	Utilities expense	$3,200.00
	Total expense		$101,620.00
	Net income		$19,080.00
	1B.
	TYBALT CONSTRUCTION
	Statement of Retained Earning
	For Year Ended December 31, 2017
	Beg BAlance Dec. 31, 2016		$126,800.00
	Add: Net income		$19,080.00
	Less: Dividend		-$11,100.00
	End Bala as on Dec 31, 2017		$134,780.00
	1C.
	TYBALT CONSTRUCTION
	Balance Sheet
	31-Dec-17
	Assets
	Current assets
	Cash	$6,000.00
	Short-term investments	$23,500.00
	Supplies	$8,300.00
	Prepaid insurance	$8,700.00
	Total current assets		$46,500.00
	Property, Plant, Equipment
	Equipment	$60,000.00
	Accumulated depreciation	-$30,000.00	$30,000.00
	Building	$153,000.00
	Accumulated depreciation	-$51,000.00	$102,000.00
	Land		$62,780.00
	Total Property, Plant, Equipment		$194,780.00
	Total assets		$241,280.00
	Liabilities and Owners' Equity
	Current liabilities
	Accounts payable	$16,500.00
	Interest payable	$2,800.00
	Rent payable	$3,500.00
	Wages payable	$2,900.00
	Property taxes payable	$800.00
	Unearned professional fees	$7,500.00
	Current portion of long-term notes payable	$7,500.00
	Total current liabilities		$41,500.00
	Long-term liabilities
	Long-term notes payable (66500-7500)		$59,000.00
	Total liabilities		$100,500.00
	Owners' Equity
	Common stock	$6,000.00
	Retained Earning	$134,780.00
	Total Equity		$140,780.00
	Total Liabilities and Owners' Equity		$241,280.00
Closing Entries
Date	Account Tittle	Debit	Credit
Dec. 31	Professional fees	$101,000.00
	Rent	$15,000.00
	Dividends	$2,200.00
	Interest	$2,500.00
	Income Summary		$120,700.00
	To record trf revenue accounts in Income Summary
Dec. 31	Income Summary	$101,620.00
	Depreciation expense-Building		$11,220.00
	Depreciation expense-Equipment		$9,000.00
	Wages expense		$31,500.00
	Interest expense		$3,800.00
	Insurance expense		$9,500.00
	Rent expense		$11,800.00
	Supplies expense		$5,200.00
	Postage expense		$3,300.00
	Property taxes expense		$3,100.00
	Repairs expense		$8,100.00
	Telephone expense		$1,900.00
	Utilities expense		$3,200.00
	TO Record Close the expense accoutn
Dec. 31	Income Summary	19080
	Retained Earning		19080
	To Record close of income summary
Dec. 31	Dividend	11100
	Retained Earning		11100
	TO Record Dividend declared

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