PLEASE HELP I DO NOT GET THIS AT ALL. I\'VE SCREENSHOTTED ALL THE INFO ***QUESTI

Question

PLEASE HELP I DO NOT GET THIS AT ALL. I'VE SCREENSHOTTED ALL THE INFO

***QUESTIONS***

1)

prepare and submit the following financial statements for the Tybalt Company:

The Income Statement

The Statement of Owner’s Equity

The Balance Sheet (using the given Adjusted Trial Balance)

2)

Prepare four (4) closing journal entries

Update the related T-account

The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. TYBALT CONSTRUCTION No. Account Title Debit Credit $ 5,000 23,000 8,100 7,000 40,000 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciationEquipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 233 Unearned professional fees 251 Long-term notes payable 301 O. Tybalt, Capital 302 O. Tybalt, Withdrawals 401 Professional fees earned 406 Rent earned 407 Dividends earned 409 Interest earned 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expensoe 637 Insurance expense 640 Rent expense 652 Supplies expense 682 Postage expense 683 Property taxes expense 684 Repairs expense 688 Telephone expense 690 Utilities expense 20,000 150,000 50,000 55,000 16,500 2,500 3,500 2,500 900 7,500 67,000 126,400 13,000 97,000 14,000 2,000 2,100 11,000 6,000 32,000 5,100 10,000 13,400 7,400 4,200 5,000 8,900 3,200 4600 _ Totals $411,900 $411,900 O. Tybalt invested $5,000 cash in the business during year 2017 (the December 31,2016

Explanation / Answer

2.

Closing journal entries

TYBALT CONSTRUCTION Income Statement for the year ended December 31, 2017 Revenues: Professional Fee Earned 97000 Rent Earned 14000 Dividends Earned 2000 Interest Earned 2100 Total Revenues 115100 Expenses: Wages Expense 32000 Rent Expense 13400 Depreciation expense - building 11000 Depreciation expense - equipment 6000 Interest Expense 5100 Insurance Expense 10000 Supplies Expense 7400 Postage Expense 4200 Property Tax Expense 5000 Repairs Expense 8900 Telephone Expense 3200 Utilities Expense 4600 Total Expenses 110800 Net income 4300 TYBALT CONSTRUCTION Statement of owner's equity for the year ended December 31, 2017 O.Tybalt, capital as at December 31, 2016 121400 Add: Investment made 5000 Add: Net income 4300 Sub-total 130700 Less: drawings 13000 O.Tybalt, capital as at December 31, 2017 117700 TYBALT CONSTRUCTION Balance Sheet December 31, 2017 Assets Current Assets Cash 5000 Shortterm Investments 23000 Supplies 8100 Prepaid Insurance 7000 Total current assets 43100 Plant Assets Equipment 40000 Accumulated Depreciation - Equipment 20000 20000 Building 150000 Accumulated Depreciation - Building 50000 100000 Land 55000 Total plant assets 175000 Total Assets 218100 Liabilities Current Liabilities Accounts Payable 16500 Interest Payable 2500 Rent Payable 3500 Wage Payable 2500 Property Tax Payable 900 Unearned Professional Fee 7500 Total Current Liabilities 33400 Long Term notes payable 67000 Total Liabilities 100400 Owners' equity 117700 Total liabilities and owners' equity 218100

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