Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted trial balance of Karise Repairs on December 31, 2017, follows. Credit Debit $ 58,000 1,700 2,600 55,000 KARISE REPAIRS Adjusted Trial Balance December 31, 2017 No. Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals 210 Accounts payable $ 5,500 14,500 700 37,000 19,500 146,600 5,500 36,000 1,400 16,000 4,400 4,200 $ 204,300 $ 204,300 Assume there are no owner investments in 2017. Required: 1a. Prepare an income statement for the year 2017. 1b. Prepare a statement of owner's equity for the year 2017. 1c. Prepare a classified balance sheet at December 31, 2017 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. Assume there are no owner investments in 2017. Required: 1a. Prepare an income statement for the year 2017 1b. Prepare a statement of owner's equity for the year 2017 1c. Prepare a classified balance sheet at December 31, 2017. 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. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Required 3 Prepare an income statement for the year 2017. KARISE REPAIRS Income Statement For Year Ended December 31, 2017 Revenues: Expenses: Total expenses Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 Required 3 Prepare a statement of owner's equity for the year 2017. KARISE REPAIRS Statement of Owner's Equity For Year Ended December 31, 2017 C. Karise, Capital, Jan 1, 2017 C. Karise, Capital, Dec. 31, 2017 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Required 3 Prepare a classified balance sheet at December 31, 2017. KARISE REPAIRS Balance Sheet December 31, 2017 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Required 3 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. KARISE REPAIRS Partial Work Sheet For Year Ended December 31, 2017 Adjusted Closing Trial Balance Entry Information Dr. Cr. Dr. Cr. Post-Closing Trial Balance Dr. Cr. $ 58,000 1,700 2,600 55,000 $ 5,500 14,500 700 37,000 No. Account Title 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 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense 901 Income summary 19,500 146,600 5,500 36,000 1,400 16,000 4,400 4,200 Total $ 204,300 $ 204,300 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Required 3 Using information from the work sheet in Requirement 2, prepare the appropriate closing entries. View transaction list Journal entry worksheet Record the entry to close revenue account(s). Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal