RETAIN Adjusted Trial Balance December 31 No. Account Title 101 Cash 124 Office supplies Debit $131,000...

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RETAIN Adjusted Trial Balance December 31 No. Account Title 101 Cash 124 Office supplies Debit $131,000 2,000 2,100 Credit 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 54,000 $ 5,400 15,000 1,300 301 C. Karise, Capital 32,000 302 C. Karise, Withdrawals 20,000 401 Repair fees earned 221,300 612 Depreciation expense-Equipment 5,400 623 Wages expense 37,000 637 Insurance expense 800 640 Rent expense 15,000 650 Office supplies expense 4,100 690 Utilities expense Totals 3,600 $275,000 $275,000 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. 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. KARISE REPAIRS Income Statement For Year Ended December 31 Revenues: Expenses: 11 of 12 Next > MADE WITH Collage Maker RETAIN Adjusted Trial Balance December 31 No. Account Title 101 Cash 124 Office supplies Debit $131,000 2,000 2,100 Credit 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 54,000 $ 5,400 15,000 1,300 301 C. Karise, Capital 32,000 302 C. Karise, Withdrawals 20,000 401 Repair fees earned 221,300 612 Depreciation expense-Equipment 5,400 623 Wages expense 37,000 637 Insurance expense 800 640 Rent expense 15,000 650 Office supplies expense 4,100 690 Utilities expense Totals 3,600 $275,000 $275,000 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. 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. KARISE REPAIRS Income Statement For Year Ended December 31 Revenues: Expenses: 11 of 12 Next > MADE WITH Collage Maker