I need help on Required 2 and 3 The adjusted trial balance of Karise Repairs on December

I need help on Required 2 and 3

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The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title Debit Credit $ 61,000 2,000 2,750 53,000 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals $ 5,300 13,000 700 32,000 16,000 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 office supplies expense 690 Utilities expense 150,050 5,300 39,000 1,300 13,000 3,900 3,800 Totals $201,050 $201,050 Note: C. Karise, Capital was $32,000 on December 31 of the prior 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. Complete the work sheet using the adjusted trial balance in the first two columns of a six-column table. Use columns three and four for closing entry information and the last two columns for a post-closing trial balance. 3. Using information from the work sheet in Requirement 2, prepare the appropriate closing entries. The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title Debit Credit $ 61,000 2,000 2,750 53,000 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals $ 5,300 13,000 700 32,000 16,000 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 office supplies expense 690 Utilities expense 150,050 5,300 39,000 1,300 13,000 3,900 3,800 Totals $201,050 $201,050 Note: C. Karise, Capital was $32,000 on December 31 of the prior 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. Complete the work sheet using the adjusted trial balance in the first two columns of a six-column table. Use columns three and four for closing entry information and the last two columns for a post-closing trial balance. 3. Using information from the work sheet in Requirement 2, prepare the appropriate closing entries.

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Karise Repairs Income Statement For the Year Ended December 31 Revenues Repair Fees Earned 150050 Ex... View the full answer