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Problem 4-4A (Algo) Preparing financial statements and closing entries LO C1, P2 The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Oro Tybalt invested $7,000 cash in the business during the year. The 0 . Tybalt, Capital account balance was $122,600 31 of the prior year. Required: 10. Prepare the income statement for the current year ended December 31 . 16. Prepare the statement of owner's equity for the current year ended December 31 . 16. Prepare the classified balance sheet at December 31 of the current year. 2 Prepare the necessary closing entries at December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare the income statement for the current year ended December 31. Required: 1a. Prepare the income statement for the current year ended December 3 1b. Prepare the statement of owner's equity for the current year ended De 1c. Prepare the classified balance sheet at December 31 of the current yea 2. Prepare the necessary closing entries at December 31 of the current yea Complete this question by entering your answers in the tabs below. Prepare the statement of owner's equity for the current year ended December Prepare the classified balance sheet at December 31 of the current year. Journal entry worksheet Record the entry to close the revenue account(s). Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense account(s). Note: Enter debits before credits. Journal entry worksheet Record the entry to close the Income summary account. Note: Enter debits before credits. Journal entry worksheet

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