as the denominator), and (d) currell decimals for parts b and d 4-58 rial balances, ries, and ntements P3 Santo Company's adjusted trial balance on December 31. 2017, follows. SANTO COMPANY Adjusted Trial Balance December 31, 2017 Debit Credit Account Title No. s 14,450 101 Cash 125 Store supplies.... 128 Prepaid insurance 67 Equipment 168 Accumulated depreciation-Equipment. . . . 5,140 31,000 201 Accounts payable. 301 P. Santo, Capital.. $ 8,000 1,500 2,700 35,650 210 Wages payable. 15,000 302 P. Santo, Withdrawals.. 401 Repair fees earned 612 Depreciation expense-Equipment. 623 Wages expense 637 Insurance expense. 640 Rent expense 651 Store supplies expense 690 Utilities expense 54,700 2,000 .26,400 3,600 1.200 1,960 Totals. $102,550 $102,550 ding capital 590 Required 1. Prepare an income statement and a statement of owner's equity for the year 2017, and a classified ba ance sheet at December 31, 2017. There are no owner investments in 2017 C trial balance 2. Enter the adjusted trial balance in the first two columns of a six-column table. Use the middle o columns for closing entry information and the last two columns for a post-closing trial balance. e 3. Enter closing entry informa Analysis Component 4. Assume for this part only that Income Summary account (No. 901) as the last item in the trial balance. tion in the six-column table and prepare journal entries for it. a. None of the $600 insurance expense had expired during the year. Instead, assume it is a of the next period's insurance protection. b. There are no earned and unpaid wages at the end of the year. (Hint: Reverse the $2.700 wage able accrual.) Describe the financial statement changes that would result from these two assumptions