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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