BUSINESS

. Prepare the necessary adjusting journal entries for items a through h.

Problem 3-3A Part 2

2.1 Post the balance from the unadjusted trial balance and the adjusting entries to the T-accounts

 

2.2 Prepare an adjusted trial balance.

Problem 3-3A Part 3

3.1 Prepare Wells Technical Institute’s income statement for the year 2013.

Problem 3-8A Preparing closing entries, financial statements, and ratios C4 A2 A3 P3 P4

The adjusted trial balance for Tybalt Construction as of December 31, 2013, follows.
TYBALT CONSTRUCTION
Adjusted Trial Balance
December 31, 2013
 No. Account Title Debit Credit
101   Cash $ 5,000
104   Short-term investments 23,000
126   Supplies 8,100
128   Prepaid insurance 7,000
167   Equipment 40,000
168   Accumulated depreciation—Equipment $ 20,000
173   Building 150,000
174   Accumulated depreciation—Building 50,000
183   Land 55,000
201   Accounts payable 16,500
203   Interest payable 2,500
208   Rent payable 3,500
210   Wages payable 2,500
213   Property taxes payable 900
233   Unearned professional fees 7,500
251   Long-term notes payable 67,000
307   Common stock 5,000
318   Retained earnings 121,400
319   Dividends 13,000
401   Professional fees earned 97,000
406   Rent earned 14,000
407   Dividends earned 2,000
409   Interest earned 2,100
606   Depreciation expense—Building 11,000
612   Depreciation expense—Equipment 6,000
623   Wages expense 32,000
633   Interest expense 5,100
637   Insurance expense 10,000
640   Rent expense 13,400
652   Supplies expense 7,400
682   Postage expense 4,200
683   Property taxes expense 5,000
684   Repairs expense 8,900
688   Telephone expense 3,200
690   Utilities expense 4,600


  Totals $ 411,900 $ 411,900





O. Tybalt invested $5,000 cash in the business in exchange for more common stock during year 2013 (the December 31, 2012, credit balance of retained earnings was $121,400). Tybalt Construction is required to make a $7,000 payment on its long-term notes payable during 2014.
Required:
1.1 Prepare the income statement for the calendar year 2013

 

 

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