The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. TYBALT CONSTRUCTION Adjusted…
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Question “The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. TYBALT CONSTRUCTION Adjusted…”
Answer
As follows:
TYBALT CONSTRUCTION | ||
Income Statement | ||
Year ending December 31, 2019, | ||
Revenue: | ||
Professional fees | $105,000 | |
Rent | $17,000 | |
Dividends | $2,300 | |
Interest | $2,700 | |
Total Revenue | $127,000 | |
Less: Operating Expense | ||
Building Depreciation Cost | $13,200 | |
Equipment Depreciation expense | $8,250 | |
Wage expenses | $25,000 | |
Interest expense | $3,800 | |
Insurance costs | $7,100 | |
Rent expense | $10,000 | |
Supplies and Expense | $6,800 | |
Postage costs | $3,100 | |
Property tax expense | $3,800 | |
Repair expense | $8,900 | |
Telephone expense | $1,700 | |
Utilities Expense | $4,000 | |
Total Expense | $95,650 | |
Net Income/Loss | $31,350 |
____________________________________________________________________
As follows:
TYBALT CONSTRUCTION | |
Statement on Retained Earnings | |
Start Retained Earnings | $123,100 |
Add: Net Income/(Loss) | $31,350 |
Less: Dividends | ($10,500) |
Ending Balance | $143,950 |
______________________________________________________________________
As follows:
TYBALT CONSTRUCTION | ||
Balance Sheet | ||
December 31, 2019, | ||
Assets | ||
Current Assets: | ||
Cash | $6,000 | |
Short-term investments | $24,000 | |
Stock | $9,000 | |
Prepaid insurance | $8,800 | |
Total Current Assets | $47,800 | |
Non-Current Assets: | ||
Property, Plant, and Equipment | $55,000 | |
Less: Accumulated Depreciation – PPE | ($27,500) | $27,500 |
Building | $180,000 | |
Less: Accumulated Depreciation – Building | ($60,000) | $120,000 |
Land | $59,050 | |
Total Non-current Assets | $206,550 | |
Total Assets | $254,350 | |
Liabilities | ||
Current liabilities: | ||
Account Payable | $16,500 | |
Interest payable | $2,200 | |
Rent payable | $3,400 | |
Wages payable | $2,700 | |
Property taxes payable | $700 | |
Professional fees not earned | $7,900 | |
Payable current portion of long-term note | $8,500 | |
Total Current liabilities | $41,900 | |
Non-current liabilities: | ||
Long-term notes payable | $62,500 | |
Total liabilities | ||
Stockholders Equity | ||
Common stock | $6,000 | |
Retained earnings | $143,950 | |
Total Liabilities & Stockholder’s Equity | $254,350 |
_________________________________________________________________________
Make closing entries like the following:
Conclusion
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