1.1 Prepare the income statement for the calendar-year 2013 1.2 Prepare the statement of ow…
1.1
Prepare the income statement for the calendar-year 2013 1.2
Prepare the statement of owner’s equity for the calendar-year 2013. 1.3
Prepare the classified balance sheet at December 31, 2013. 2. Prepare the necessary closing entries at December 31, 2013. Closing entries (all dated December 31, 2013): 3.
Use the information in the financial statements to compute the following ratios:
The adjusted trial balance for Tybalt Construction as of December 31, 2013, follows.
TYBALT CONSTRUCTION
Adjusted Trial Balance
December 31, 2013 No. Account Title Debit Credit 101 Cash $ 6,000 104 Short-term investments 24,000 126 Supplies 9,500 128 Prepaid insurance 8,600 167 Equipment 55,000 168 Accumulated depreciationEquipment $ 27,500 173 Building 180,000 174 Accumulated depreciationBuilding 60,000 183 Land 50,650 201 Accounts payable 16,500 203 Interest payable 2,200 208 Rent payable 3,500 210 Wages payable 2,800 213 Property taxes payable 1,200 233 Unearned professional fees 7,100 251 Long-term notes payable 68,000 301 O. Tybalt, Capital 129,800 302 O. Tybalt, Withdrawals 10,300 401 Professional fees earned 104,000 406 Rent earned 16,000 407 Dividends earned 2,900 409 Interest earned 2,500 606 Depreciation expenseBuilding 13,200 612 Depreciation expenseEquipment 8,250 623 Wages expense 29,500 633 Interest expense 4,000 637 Insurance expense 9,800 640 Rent expense 11,100 652 Supplies expense 6,600 682 Postage expense 2,000 683 Property taxes expense 3,200 684 Repairs expense 6,500 688 Telephone expense 2,400 690 Utilities expense 3,400 Totals $ 444,000 $ 444,000
O. Tybalt invested $6,000 cash in the business during year 2013 (the December 31, 2012, credit balance of the O. Tybalt, Capital account was $123,800). Tybalt Construction is required to make a $9,000 payment on its long-term notes payable during 2014.
