80.2K

Verified Solution

Link Copied!

Chapter 3 Assesement Part 2

I dont underatnd where the right answers need to be placed, The assests arent matching up to the end number and i dont underatnd how to get this right. Thank you to anyone that can help!

Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Required 2 Prepare the dassified balance sheet at December 31 TYBALT CONSTRUCTION Balance Sheet December 31 Assets $ Current assets Cash Short term investments Supplies Pregadinsurance 7.500 24 500 8.800 8.400 $ 19,200 (82.000) Total current assets Plant assets Accumulated depreciation Equipment Equipment Building Accumulated depreciation-Building Land Total plant assets 27.000 55.000 180 000 160.000) 120.000 22250 80.250 129.450 $ $ $ The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Credit Debit $ 7.500 24,500 8,800 8, 400 55,000 $ 27,500 180,000 60,000 42,250 TYBALT CONSTRUCTION Adjusted Trial Balance December 31 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 236 Unearned revenue 244 Current portion of long-term note payablo 251 Long-term notes payable 387 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 406 Rent revenue 407 Dividends revenue 409 Interest revenue 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 533 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 16,000 2.300 3,500 2,700 1,200 7,700 8,000 61,000 7,500 122, 200 11.300 100,000 18,000 2,900 2,200 13, 200 8, 256 31,000 3,800 7,600 10,400 7.100 4,100 4,700 B, 400 2,800 3.600 $442, 700 $442,700 Oro Tybalt invested $7,500 cash in the business in exchange for common stock during the year. The Retoined Earnings account balance was $122,200 on December 31 of the prior year Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of retained earnings for the current year ended December 31 1c. Prepare the classified balance sheet at December 31. 2. Prepare the necessary closing entries at December 31 of the current year

Answer & Explanation Solved by verified expert

See Answer