The adjusted trial balance of Karise Repairs on December 31, 2013, follows. Required 1. Prepare an income statement and a statement of owners equity for

The adjusted trial balance of Karise Repairs on December 31, 2013, follows.

Required
1. Prepare an income statement and a statement of owner’s equity for the year 2013, and a classified balance sheet at December 31, 2013. There are no owner investments in 2013.
2. Enter 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. Insert an Income Summary account as the last item in the trial balance.
3. Enter closing entry information in the six-column table and prepare journal entries for it.
Analysis Component
4. Assume for this part only that
a. None of the $800 insurance expense had expired during the year. Instead, assume it is a prepayment of the next period’s insurance protection.
b. There are no earned and unpaid wages at the end of theyear.

KARISE REPAIRS Adjusted Trial Balance December 31,2013 No. Account Title Debit Credit 124 Office supplies. 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment. 1,300 2,050 50,000 $5,000 14,000 600 33,000 210 Wages payable 30 C. Karise, Capital.. 302 C. Karise, Withdrawals.. 40 Repair fees earned 612 Depreciation expense -Equipment 623 Wages expense 637 Insurance ex 640 Rent expense 650 Office supplies expense.... 690 Utilities expense. 16,000 90,950 5,000 37,500 800 0,600 3,600 2,700 pense . Totals.. $143,550 $143,550