The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT...

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The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31 Number Account Title 101 Cash 126 128 167 168 173 174 183 201 203 208 Supplies Prepaid insurance Equipment Accumulated Building Accumulated depreciation-Equipment depreciation-Building Land Accounts payable Interest payable Rent payable Wages payable 210 213 236 251 307 Common stock 318 Retained earnings 319 Dividends 403 Services revenue 406 Rent revenue 409 Interest revenue 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense Property taxes payable Unearned revenue Long-term notes payable Debit $ 5,500 31,000 7,300 50,000 162,000 67,120 11,000 11,880 7,500 45,500 Credit $ 25,000 54,000 15,500 2,600 3,100 2,100 900 15,600 63,000 5,500 123,500 101,000 17,500 5,500 633 Interest expense Insurance expense Rent expense 637 640 652 683 Supplies expense Property taxes expense Totals 4,000 9,700 12,600 5,800 3,900 $ 434,800 $434,800 The Retained Earnings account balance was $123,500 on December 31 of the prior year. Required: 10. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of retained earnings for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year. The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31 Number Account Title 101 Cash 126 128 167 168 173 174 183 201 203 208 Supplies Prepaid insurance Equipment Accumulated Building Accumulated depreciation-Equipment depreciation-Building Land Accounts payable Interest payable Rent payable Wages payable 210 213 236 251 307 Common stock 318 Retained earnings 319 Dividends 403 Services revenue 406 Rent revenue 409 Interest revenue 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense Property taxes payable Unearned revenue Long-term notes payable Debit $ 5,500 31,000 7,300 50,000 162,000 67,120 11,000 11,880 7,500 45,500 Credit $ 25,000 54,000 15,500 2,600 3,100 2,100 900 15,600 63,000 5,500 123,500 101,000 17,500 5,500 633 Interest expense Insurance expense Rent expense 637 640 652 683 Supplies expense Property taxes expense Totals 4,000 9,700 12,600 5,800 3,900 $ 434,800 $434,800 The Retained Earnings account balance was $123,500 on December 31 of the prior year. Required: 10. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of retained earnings for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year.

Answer rating: 100% (QA)

Step 1 Financial statements These are reports prepared by a company at the end of an accounting peri... View the full answer