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

$\backslash$table$[[$Number$,\backslash$table$[[$KARISE REPAIRS$],[$Adjusted Trial Balance$],[$December $31]],$Debit,,Credit$],[101,$Cash,$$61,000,,],[124,$Office supplies,$1,100,,],[128,$Prepaid insurance,$2,950,,],[167,$Equipment,$56,000,,],[168,$Accumulated depreciation$-$Equipment,,,$$5,600$

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The adjusted trial balance of Karise Repairs on December 31 follows. Number Account Title 101 124 Cash office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 210 301 302 403 612 623 637 640 650 690 KARISE REPAIRS Adjusted Trial Balance December 31 Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals Services revenue Depreciation expense-Equipment Wages expense Insurance expense Rent expense office supplies expense Utilities expense Totals Debit $ 61,000 1,100 2,950 56,000 Required: 18. 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. 20,000 5,600 40,000 700 13,500 3,800 3,200 $ 207,850 Credit $ 5,600 12,500 1,200 33,000 155,550 Note: C. Karise, Capital account balance was $33,000 on December 31 of the prior year, and there were no owner investments during the year. $207,850 The adjusted trial balance of Karise Repairs on December 31 follows. Number Account Title 101 124 Cash office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 210 301 302 403 612 623 637 640 650 690 KARISE REPAIRS Adjusted Trial Balance December 31 Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals Services revenue Depreciation expense-Equipment Wages expense Insurance expense Rent expense office supplies expense Utilities expense Totals Debit $ 61,000 1,100 2,950 56,000 Required: 18. 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. 20,000 5,600 40,000 700 13,500 3,800 3,200 $ 207,850 Credit $ 5,600 12,500 1,200 33,000 155,550 Note: C. Karise, Capital account balance was $33,000 on December 31 of the prior year, and there were no owner investments during the year. $207,850

Answer rating: 100% (QA)

Answer 1a Income Statement for the Year Ended December 31 Revenue Amount Services Revenue 155550 Exp... View the full answer