Question: i need solution in 60 mins thanks Problem 4-4A Preparing closing entries, financial statements, and ratios @c3A12P2 The adjusted trial balance for Tybalt Construction as

 i need solution in 60 mins thanks Problem 4-4A Preparing closing

i need solution in 60 mins thanks

Problem 4-4A Preparing closing entries, financial statements, and ratios @c3A12P2 The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. O. Tybalt invested $5,000 cash in the business during year 2019 (the December 31, 2018, credit balance of the 0. Tybalt, Capital account was $121,400). Debit Credit $ 5.000 23.000 8,100 7,000 40,000 $ 20,000 150,000 50,000 55.000 10.500 2,500 3.500 2.500 900 Adjusted Tol Balance December 31, 2019 No. Account Title 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 107 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 301 O. Tybalt, Capital 302 O. Tybalt, Withdrawals 401 Professional fees eamed 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 7.500 7,000 60,000 126,400 13,000 97,000 14,000 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 Required 1. Prepare the income statement and the statement of owner's equity for calendar-year 2019 and the classified balance sheet at December 31, 2019. Check (1) Total assets (12392019). $218.100. Net income. $4.300

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!