Question

Adjusted Trial Balance December 31, 2017 TYBALT CONSTRUCTION Balance Sheet December 31. 2017 Account Title Debit Credit No 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 $ 7,500 23,000 8,200 8,100 55,000 $ 27,5060 177,000 59,000 49,170 16,500 2,800 3,300 2,600 800 7,480 68,500 7,500 121,800 10,200 104,000 15,500 2,200 2,300 12,980 8,250 29,000 4,200 8,700 12,900 6,400 2,700 4,700 8,000 2,000 3,700 132,070 Totals $441,700 $441,700 132.070 $ 132.070

Answer 1

Classified Balance Sheet
Assets
Current Assets
Cash	$       7,500.00
Short term investments	$     23,000.00
Supplies	$       8,200.00
Prepaid insurance	$       8,100.00
Total Current Assets		$      46,800.00
Fixed Assets
Equipment (Net) (55000-27500)	$     27,500.00
Land	$     49,170.00
Building, Net (177000-59000)	$ 1,18,000.00
Total Fixed Assets		$ 1,94,670.00
Total Assets		$ 2,41,470.00
Liabilities
Current Liabilities
Accounts Payable	$     16,500.00
Interest payable	$       2,800.00
Rent payable	$       3,300.00
Wages payable	$       2,600.00
Property taxes payable	$           800.00
Unearned Revenue	$       7,400.00
Total Current Liabilities		$      33,400.00
Long term Liabilities
Long term notes payable	$     68,500.00
Total Long Term Liabilities		$      68,500.00
Owner's Equity
Common Stock	$       7,500.00
Retained Earnings	$ 1,32,070.00
Total Owners Equity		$ 1,39,570.00
Total liabilities and Owner's equity		$ 2,41,470.00

Retained earnings balance =Beginning balance +net profit-Dividends

Income statement
Professional fees earned	$ 1,04,000.00
Rent earned	$     15,500.00
Interest earned	$       2,300.00
Dividend earned	$       2,200.00
Tiotal Revenue earned		$ 1,24,000.00
Operating expenses
Depreciation-Building	$     12,980.00
Depreciation-Equipment	$       8,250.00
Wages expense	$     29,000.00
Interest expense	$       4,200.00
Insurance expense	$       8,700.00
rent expense	$     12,900.00
Supplies expense	$       6,400.00
Postage expense	$       2,700.00
Property taxes expense	$       4,700.00
Repairs expense	$       8,000.00
Telephone expense	$       2,000.00
Utilities expense	$       3,700.00
Total Operating Expenses		$ 1,03,530.00
Net Profit		$      20,470.00