Accounting 1 – Master 16 Weeks: Master 16 Weeks section 1015 and 1016 Ch 4 – HW instructions | help Time remaining: 1:56:43 6. value: 0.35 points Problem 4-5A Pre
Accounting 1 – Master 16 Weeks: Master 16 Weeks section 1015 and 1016
Ch 4 – HW
instructions | help
Time remaining: 1:56:43
6.
value:
0.35 points
Problem 4-5A Preparing closing entries, financial statements, and ratios LO C3, A1, P2
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 $ 6,500
104 Short-term investments 24,500
126 Supplies 9,200
128 Prepaid insurance 8,000
167 Equipment 50,000
168 Accumulated depreciation—Equipment $ 25,000
173 Building 150,000
174 Accumulated depreciation—Building 50,000
183 Land 70,700
201 Accounts payable 17,500
203 Interest payable 2,900
208 Rent payable 3,900
210 Wages payable 2,900
213 Property taxes payable 1,200
233 Unearned professional fees 7,400
251 Long-term notes payable 65,500
301 O. Tybalt, Capital 133,400
302 O. Tybalt, Withdrawals 11,600
401 Professional fees earned 98,000
406 Rent earned 15,500
407 Dividends earned 2,300
409 Interest earned 2,900
606 Depreciation expense—Building 11,000
612 Depreciation expense—Equipment 7,500
623 Wages expense 27,500
633 Interest expense 4,700
637 Insurance expense 7,300
640 Rent expense 12,500
652 Supplies expense 6,400
682 Postage expense 3,600
683 Property taxes expense 3,500
684 Repairs expense 7,100
688 Telephone expense 2,900
690 Utilities expense 3,900
Totals $ 428,400 $ 428,400
O. Tybalt invested $6,500 cash in the business during year 2013 (the December 31, 2012, credit balance of the O. Tybalt, Capital account was $126,900). Tybalt Construction is required to make a $6,500 payment on its long-term notes payable during 2014.
Required:
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:
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