1.1 Prepare the income statement for the calendar-year 2013 1.2 Prepare the statement of ow…

 
   

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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 depreciation—Equipment $ 27,500 173   Building 180,000 174   Accumulated depreciation—Building 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 expense—Building 13,200 612   Depreciation expense—Equipment 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.