## Question

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

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, 2018, follows. Credit $ Debit 7,500 25,000 9,200 8,700 60,000 $ 30,000 153,000 51,000 60,280 TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2018 No. Account Title 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 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 307 Common stock 318 Retained earnings, December 31, 2017 319 Dividends 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 expense 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 Totals 16,500 2,100 3,700 2,600 1,200 7,700 68,500 7,500 126,500 11,700 99,000 16,500 2,900 3,000 11,220 9,000 30,500 3,300 9,800 13,000 5,400 2,600 4,600 7,600 2,100 4,200 $438,700 $ 438.700 < Prey 25 of 25 ! Next

2,600 1.200 7,700 68,500 7.500 126,500 11,700 99,000 16,500 2.900 3,000 210 Wagas payable 213 Property taxes payable 233 Unearned professional fees 251 Long-term notes payable 307 Common stock 318 Retained earnings, December 31, 2017 319 Dividends 401 Professional feas earned 406 Rent earned 407 Dividends earned 409 Interest earned 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 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 Totals 11,220 9,000 30,500 3,300 9.800 13,000 5,400 2,600 4.600 7.600 2,100 4,200 $438,700 $438, 700 The December 31, 2017, credit balance of the Retained Earnings account was $126,500. Tybalt Construction is required to make a $7,500 payment on its long-term notes payable during 2019, Required: 1a. Prepare the income statement for the calendar year 2018 1b. Prepare the statement of retained earnings for the calendar year 2018 1c. Prepare the classified balance sheet at December 31, 2018 2. Prepare the necessary closing entries at December 31, 2018 3. Use the information in the financial statements to compute the following ratios: Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 1C Reg 2 Req3 Prepare the income statement for the calendar year 2018. < Prey 25 of 25 Next

Prepare the income statement for the calendar year 2018. TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2018 Revenues ok ences Total revenues Expenses Total expenses Req 18 >

The December 31, 2017, credit balance of the Retained Earnings ac $7,500 payment on its long-term notes payable during 2019. Required: 1a. Prepare the income statement for the calendar-year 2018. 1b. Prepare the statement of retained earnings for the calendar-ye 1c. Prepare the classified balance sheet at December 31, 2018. 2. Prepare the necessary closing entries at December 31, 2018. 3. Use the information in the financial statements to compute the fe no ences Complete this question by entering your answers in the tabs Req 1A Req 1B Req 1C Req 2 Req 3 Prepare the statement of retained earnings for the calendar year 201 TYBALT CONSTRUCTION Statement of Retained Earnings For Year Ended December 31, 2018 Retained earnings, Dec. 31, 2017 Retained earnings, Dec. 31. 2018 < Req1A

Seved TYBALT CONSTRUCTION Balance Sheet December 31, 2018

Tk #2 $ L $ / 111 /

Sad Complete this question by entering your answers in the tabs below. Reg 3 Req 1A Reg 1B Req 2 Req 1C Use the information in the financial statements to compute the following ratios: (a) Return on assets (total assets at December 31, 2017, was $200,000) Numerator: Denominator: Return on total assets Return on total assets (b) Debt ratio Numerator: Denominator: Debt ratio Debt ratio (c) Profit margin ratio (use total revenues as the denominator) Numerator: Denominator: Profit margin Profit margin (d) Current ratio Numerator: Denominator: Current ratio Current ratio Reg 2

## Answers

1A

Tybalt Construction Income Statement For Year Ended December 31 Revenues Professional fees earned 99,000 Rent earned 16,500 Dividends earned 2,900 Interest Earned 3,000 Total Revenues 121,400 Expenses Depreciation Expense - Building 11,220 Depreciation Expense - Equipment 9,000 Wages Expense 30,500 Interest Expense 3,300 Insurance Expense 9,800 Rent Expense 13,000 Supplies Expense 5,400 Postage Expense 2,600 Property taxes Expense 4,600 Repairs Expense 7,600 Telephone Expense 2,100 Utilities Expense 4,200 Total Expenses 103,320 Net Income 18,080 1B

Tybalt Construction Statement of Retained Earnings For Year Ended December 31 Retained Earnings, Dec. 31 126,500 Add: Net Income 18,080 144,580 Less: Dividends 11,700 Retained Earnings, Dec. 31 132,880 1C

Tybalt Construction Balance Sheet Dec. 31 Assets Current assets Cash 7,500 Short-term investments 25,000 Supplies 9,200 Prepaid Insurance 8,700 Total Current Assets 50,400 Plant Assets Equipment 60,000 Accumulated Depreciation - Equipment 30,000 30,000 Building 153,000 Accumulated Depreciation - Building 51,000 102,000 Land 60,280 192,280 Total Assets 242,680 Liabilities Current liabilities Accounts payable 16,500 Interest payable 2,100 Rent Payable 3,700 Wages Payable 2,600 Property taxes payable 1,200 Unearned professional fees 7,700 Current portion of Long-term notes payable 7,500 Total current liabilities 41,300 Long term notes payable 61,000 Total Liabilities 102,300 Equity Common stock 7,500 Retained Earnings 132,880 Total Equity 140,380 Total Liabilities and equity 242,680 2

No. Date General Journal Debit Credit 1 Dec. 31 Professional fees earned 99,000 Rent earned 16,500 Dividends earned 2,900 Interest Earned 3,000 Income summary 121,400 2 Dec. 31 Income Summary 103,320 Depreciation Expense - Building 11,220 Depreciation Expense - Equipment 9,000 Wages Expense 30,500 Interest Expense 3,300 Insurance Expense 9,800 Rent Expense 13,000 Supplies Expense 5,400 Postage Expense 2,600 Property taxes Expense 4,600 Repairs Expense 7,600 Telephone Expense 2,100 Utilities Expense 4,200 3 Dec. 31 Income Summary 18,080 Retained Earnings 18,080 4 Dec. 31 Retained Earnings 11,700 Dividends 11,700

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