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Can someone tell me what I'm missing to complete this question? Thank you! Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3,
Can someone tell me what I'm missing to complete this question? Thank you!
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 KARISE REPAIRS Adjusted Trial Balance December 31, 2017 Account Title Debit Credit 0 101 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 $ 21,00e 1,100 2,35e 60,00e $ 6,00e 13,e00 1,200 30,000 19,00e 115,950 6,000 35,000 7ee 15,000 3,500 2, 500 Totals $166,150 $166,150 Assume there are no owner investments in 2017 Required a. 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 Answer is not complete. 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 Repair fees earned $ 115,950 Expenses s 35,000 Wages expense Depreciation expense- 6,000 Equipment Insurance expense Rent expense Office supplies expense Utilities expense 15,000 3,500 2,500 Total expenses 62,700 $ 53,250 Net income Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C 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 30,000 53,250 83,250 9,000 64,250 C. Karise, Capital, Jan. 1, 2017 Add: Net income Less: Withdrawals C. Karise, Capital, Dec. 31, 2017 Answer is not complete. 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 Assets Current assets Cash Office supplies Prepaid insurance $ 21,000 1,100 2,350 Total current assets $ 24,450 Plant assets 60,000 Equipment Accumulated depreciation- 6,000 54,000 Equipment Total assets S 78,450 Liabilities Current liabilities Accounts payable Wages payable S 13,000 1,200 Total current liabilities 14,200 Equity 64,250 $ 78,450 C. Karise, Capital Total liabilites and equity Answer is not complete Complete this question by entering your answers in the tabs below Required 1A Requlred 1B Required 1CRequired 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 Closing Post-Closing Adjusted Trial Balance Entry Information Trial Balance No 101 124 Office supplies 128 Prepaid insurance 167 Equipment 168 201 Accounts payable 210 Wages payable 301 C. Karise, Capita 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 Account Title Cash S 21,000 1,100 2,350 60,000 S 21,000 1,100 2,350 60,000 Accumulated depreciation- Equipment $ 6,000 13,000 1,200 30,000 6,000 3,000 ,200 9,00053,250 19,000 19,000 115,950 115,950 6,000 35,000 700 15,000 3,500 2,500 6,000 35,000 700 5,000 3,500 2,500 2,70015,950 Income summary 53,250 Total $ 166,150 166,150 250,900 250,900 S 84,450 S 20,200 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Req uired 3 Using information from the work sheet in Requirement 2, prepare the appropriate closing entries Debit 115,950 No Date General Journal Credit Dec 31 Repair fees earned Income summary 115.950 2 Dec 31 Income summary 62,700 6,000 Depreciation expense-Equipment Insurance expense Wages expense Office supplies expense Utilities expense Rent expense 700 35,000 3,500 2,500 15,000 Dec 31 Income summary 53,250 C. Karise, Capital 53,250 4 Dec 31 C. Karise, Capital 19,000 C. Karise, Withdrawals 19,000Step by Step Solution
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