Question

The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 No. 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 244 Current portion of long-term note payable 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 686 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 Debit Credit $ 5,000 23,880 8,180 7,000 40,000 $ 20,000 150,880 50,000 55,000 16,500 2,500 3,500 2,500 900 7,500 7,000 60,000 5,000 121,400 13,000 97,000 14,080 2,000 2,100 11,000 6,000 32,000 5,100 10,000 13,400 7,400 4,200 5,000 8,900 3,200 4,600 $411,900 $411,900

Answer 1

. TYBALT_CONSTRUCTION Income Statement for the you Euded Dec 31, 2017 Accounts 1:Amoset (5) Ametnik Revenues - Pelplesienal Your Eyined $ 97,000 Rent carved 14000 Dividends earned 2,000 Interest sanned 2,100 Total Revenues $ 115,100 3 Ley Eserende ! Dep. Exp. Beuilding $44,000 Dep. Evely Equipment 6,000 = Wager Eup 32,000 5700 . 10,000 13,400 Supplia Sur -7,400 - Postage Enp. 4,200 Property Tax Ext: 5,000 Repairs Exp 8900 Telephone Eupe 3200 Utilités Eup. 4600 Total Expene. $(1080) Interest Ep. Insurance Eup Rent out Net Income . $ 43,00

dec. TYBALL_CONSTRUCTION Sadement of Retouned_Earnings for the year ended Dec. 31, 20/9 Account Amoeni (3) Rebuired Emwigs $ 121,400 Add Net Grome 4300 $ 1,25700 ley Qivedents (13,000) Relaimed tannings, Ending $12,700 TOBALY CONSTRUCTION Balance sheet Dec. 31, 2019 Accounts Amts) Awent (5) Auscht Crosent Quetta Cash Short-term Investment 23,000 8100 Supplies 7000 Total current Dreets $43100 Peofesty, Plant & Equipmentio Laud 55,000_$55,000 40,000 Equipment (20.000) $20,000 Les Ascuml. Dep. Equipment 150,000 Building ley Documl. Rep. Building (50,000 J£100,000 $ 175,000 Tedad-prefische, llant e Equipment Total asels $ 5,000 Propeid Inwone $ 18,100

- Leabilities_and_Stockholderes Eletrys Cwouent liabilities: Acconta layable $ 16,500 Intescest Payable 2,500 Rent Payable 3,500 Wagu fayable 2,500 Propoty lakes layable 900 Ureanud lay alte feed 73.00 Cuvrent long term holes 1,000 2. Total Current liabilistes $40,400 • Long form liabilities e larg feam Noles Payable $ 60,000 - Tetel Long Lesen Gabilities s bopoo Stockholders Equity - Common Stock $5,000 Retained cash. End. 1189,700 • Total stockholders Equity 3,11,74700 Tofal Lebebildes 4 stockholder's Squrdy $ 21 8,100 T4BALT CONSTRUCTION General Towenal Ccleaning Entubes) Date Account litte & Explanation (5) Dibuit (s) coudt Dec.31 12upfersonal fee Banned $ 97,000 Rent Earned 14,000 Dividend coined 2.000 Interest Earned 2,000 2. gucome Summary $115.00 (to close Reream Accounts

Dec:31 $llo, 800 4_11,000 Income Summary Dup, Esp, Building Dep. Eup, Equipment Wages Eup Interest Eup. Insurance Eup . Rent Eup . Supplies Erup Postage Exp. Property taxes Eup Repairs Exer . Utilities Exer Telephone (en cont) Income Summary Related Earnings (to close Income Summary Retained earnings Dividend (to close Dunderds Accounts 32,000 5100 10,000 13, you 7, 400 4200 5000 8900 4600 3200 Dec.31 $ 4300 $4300 bec.31 $ 13,000 $/3,000