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Category > Accounting Posted 21 Sep 2017 My Price 10.00

Tybalt Construction

Problem 3-8A Preparing closing entries, financial statements, and ratios LO A1, A2, P3, P4

The adjusted trial balance for Tybalt Construction as of December 31, 2015, follows.

 

TYBALT CONSTRUCTION
Adjusted Trial Balance
December 31, 2015
No. Account Title Debit Credit
101 Cash   $ 9,000          
104 Short-term investments     31,000          
126 Supplies     8,900          
128 Prepaid insurance     7,800          
167 Equipment     48,000          
168 Accumulated depreciation—Equipment           $ 24,000  
173 Building     190,000          
174 Accumulated depreciation—Building             58,000  
183 Land     63,000          
201 Accounts payable             33,700  
203 Interest payable             3,300  
208 Rent payable             4,300  
210 Wages payable             3,300  
213 Property taxes payable             1,700  
233 Unearned professional fees             8,300  
251 Long-term notes payable             75,000  
307 Common stock             7,000  
318 Retained earnings             141,400  
319 Dividends     17,000          
401 Professional fees earned             113,000  
406 Rent earned             26,000  
407 Dividends earned             2,800  
409 Interest earned             2,900  
606 Depreciation expense—Building     15,000          
612 Depreciation expense—Equipment     10,000          
623 Wages expense     36,000          
633 Interest expense     5,900          
637 Insurance expense     10,800          
640 Rent expense     14,200          
652 Supplies expense     8,200          
682 Postage expense     5,000          
683 Property taxes expense     5,800          
684 Repairs expense     9,700          
688 Telephone expense     4,000          
690 Utilities expense     5,400          
   
 
  Totals   $ 504,700     $ 504,700  
   
 

 

The December 31, 2014, credit balance of Retained Earnings account was $141,400. Tybalt Construction is required to make a $11,000 payment on its long-term notes payable during 2016.

 

Required:
1.1

Prepare the income statement for the calendar year 2015.
   

 

1.2

Prepare the statement of retained earnings for the calendar year 2015.
   

 

1.3

Prepare the classified balance sheet at December 31, 2015.
   

 

2. Prepare the necessary closing entries at December 31, 2015.
   
  Closing entries (all dated December 31, 2015):
   

 

3.

Use the information in the financial statements to compute the following ratios:

 

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Sep 2017 08:09 PM My Price 10.00

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