E14

Please answer quickly and clearly, I will give a thumbs up if done soon! - Thank you!

The adjusted trial balance of Karise Repairs on December 31 follows. Note: C. Karise, Capital account balance was $38,000 on December 31 of the prior year, and there were no owner investments during the year. Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of owner's equity for the year. 1c. Prepare a classified balance sheet at December 31 . 2. Prepare the December 31 closing entries. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year. Prepare a statement of owner's equity for the year. Required 1A Required 1B Required 1C Required 2 Prepare a classified balance sheet at December 31. \begin{tabular}{|l|l|l|l|} \hline KARISE REPAIRS & Balance Sheet & \\ \hline December 31 & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Prepare the December 31 closing entries. 1 Record the entry to close the revenue account(s). 2 Record the entry to close the expense account(s). 3 Record the entry to close the Income summary account. 4 Record the entry to close the withdrawals account. Note : = journal entry has been entered