The adjusted trial balance of Karise Repairs on December 31 follows. Required 1. Prepare an income statement
Question:
The adjusted trial balance of Karise Repairs on December 31 follows.
Required
1. Prepare an income statement and a statement of retained earnings for the year, and a classified balance sheet at December 31.
Note:
The Retained Earnings account balance was $23,000 on December 31 of the prior year.
2. Prepare the December 31 closing entries.
Transcribed Image Text:
No. 101 124 128 167 Account Title Cash..... Office supplies. Prepaid insurance Equipment .... 168 Accumulated depreciation-Equipment. 201 Accounts payable...... 210 307 Wages payable... Common stock... Retained earnings Dividends..... 318 319 403 Services revenue 612 623 637 640 650 690 Adjusted Trial Balance December 31 Depreciation expense-Equipment.. Wages expense. Insurance expense.. Rent expense Office supplies expense.. Utilities expense.. Totals..... Dobit $ 14,000 1,300 2,050 50,000 16,000 5,000 37,500 800 Credit $ 5,000 14,000 600 10,000 23,000 90,950 10,600 3,600 2,700 $143,550 $143,550
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To prepare the financial statements for Karise Repairs we will start by using the adjusted trial balance provided First we will prepare the income statement followed by the statement of retained earni...View the full answer
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