Problem $3-9$A $($Algo$)$ Preparing financial statements and closing entries LO C$2,$ P$5,$ P$6$

The adjusted trial balance of Karise Repairs on December $31$ follows.

$\backslash$table$[[,\backslash$table$[[$KARISE REPAIRS$],[$Adjusted Trial Balance December $31]],,],[$Number$,$Account Title,Debit,Credit$],[101,$Cash,$ $49,000,],[124,$office suppties,$1,400,],[128,$Prepaid insurance,$2,450,],[167,$Equipment,$54,000,],[168,$Accumulated depreciation$-$Equipment,,$ $5,400],[201,$Accounts payable,,$14,000],[210,$Wages payable,,$600],[307,$Common stock,,$13,000],[318,$Retained earnings,,$33,000],[319,$Dividends,$17,500,],[403,$Services revenue,,$124,050],[612,$Depreciation expense$-$Equipment,$5,400,],[623,$Wages expense,$38,000,],[637,$Insurance expense,$1,000,],[640,$Rent expense,$15,500,],[650,$Office supplies expense,$3,200,],[690,$Utilities expense,$2,600,],[,$Totals,$ $190,050,$$ $190,050]]$

Note: Retained Earnings account balance was $$33,000$ on December $31$ of the prior year.

Required:

$1$a$.$ Prepare an income statement for the year.

$1$b$.$ Prepare a statement of retained earnings for the year.

$1$c$.$ 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.

Required $1A$

Required $1$B

Required $1$ C

Required $2$

Prepare an income statement for the year.

KARISE REPAIRS

Income Statement

For Year Ended December $31$