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Required: 1a. Prepare the income statement for the calendar-year 2017. 1b. Prepare the statement of owner's equity for the calendar-year 2017. 1c. Prepare the classified balance sheet at December 31, 2017. 2. Prepare the necessary closing entries at December 31, 2017. 3. Use the information in the financial statements to compute the following ratios:

TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 No. Account Title Debit Credit 101 Cash $ 7,000 104 Short-term investments 24,500 126 Supplies 8,200 128 Prepaid insurance 8,000 167 Equipment 45,000 168 Accumulated depreciationEquipment $ 22,500 173 Building 165,000 174 Accumulated depreciationBuilding 55,000 183 Land 66,650 201 Accounts payable 16,000 203 Interest payable 2,100 208 Rent payable 3,100 210 Wages payable 2,200 213 Property taxes payable 1,300 233 Unearned professional fees 7,900 251 Long-term notes payable 72,000 301 O. Tybalt, Capital 131,500 302 O. Tybalt, Withdrawals 12,600 401 Professional fees earned 98,000 406 Rent earned 16,000 407 Dividends earned 2,700 409 Interest earned 2,400 606 Depreciation expenseBuilding 12,100 612 Depreciation expenseEquipment 6,750 623 Wages expense 28,500 633 Interest expense 3,500 637 Insurance expense 7,600 640 Rent expense 11,100 652 Supplies expense 5,800 682 Postage expense 2,900 683 Property taxes expense 4,700 684 Repairs expense 6,200 688 Telephone expense 3,100 690 Utilities expense 3,500 Totals $ 432,700 $ 432,700 O. Tybalt invested $7,000 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $124,500). Tybalt Construction is required to make a $8,000 payment on its long-term notes payable during 2018.

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