he adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $ 61,000 2,000 2,750 53,000 KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title 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 Totals $ 5,300 13,000 700 32,000 16,000 150,050 5,300 39,000 1,300 13,000 3,900 3,800 $ 201,050 $ 201,050 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. Required 1A Required 1B Required 10 Required 2 Required 3 Prepare a classified balance sheet at December 31. KARISE REPAIRS Balance Sheet December 31 Assets $ Current assets Cash Office supplies Prepaid insurance 61,000 2,000 2,750 65,750 53,000 5,300 Total current assets Plant assets Equipment Accumulated depreciation Equipment Total assets Liabilities Current liabilities Accounts payable Wages payable 47,700 113,450 $ $ 13,000 700 Total current liabilities 13,700 Equity C. Karise, Capital Total liabilities and equity 99,750 113,450 $ Required 1A Required 1B Required 10 Required 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 trial balance. Post-Closing Trial Balance Dr. Cr. KARISE REPAIRS Partial Work Sheet For Year Ended December 31 Adjusted Closing Trial Balance Entry Information Dr. Cr. Dr. Cr. 61,000 2,000 2,750 53,000 $ 13,000 $ 5,300 700 32,000 No. Account Title 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 901 Income summary 16,000 150,050 5.300 39,000 1.300 13,000 3,900 3,800 Total $ 201,050 $ 201,050 $ 0 $ 0 $ 0 $ 0 Required 1A Required 1B Required 10 Required 2 Required 3 Using information from the work sheet in Requirement 2, prepare the appropriate closing entries. View transaction list Journal entry worksheet 2 3 4 > Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Required 1A Required 1B Required 10 Required 2 Required 3 Using information from the work sheet in Requirement 2, prepare the appropriate closing entries. View transaction list Journal entry worksheet < 1 2 3 4 Record the entry to close expense account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Required 1A Required 1B Required 1C Required 2 Required 3 Using information from the work sheet in Requirement 2, prepare the appropriate closing entries. View transaction list Journal entry worksheet < 1 2 3 4 > Record the entry to close income summary. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal < Required 2 Required 3 > Required 1A Required 1B Required 10 Required 2 Required 3 Prepare an income statement for the year. $ 150,050 KARISE REPAIRS Income Statement For Year Ended December 31 Revenues: Repair fees earned Expenses: Depreciation expense-Equipment $ 5,300 Wages expense 39,000 Insurance expense 1,300 Rent expense 13,000 Office supplies expense 3,900 Utilities expense 3,800 Total expenses Net income 66,300 83,750 $ Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 Required 3 Prepare a statement of owner's equity for the year. KARISE REPAIRS Statement of Owner's Equity For Year Ended December 31 C. Karise, Capital, Dec. 31 prior year end $ Add: Net income 32,000 83,750 115,750 16,000 99,750 Less: Withdrawals C. Karise, Capital, Dec. 31 current year end $ Required 1A Required 1B Required 10 Required 2 Required 3 Using information from the work sheet in Requirement 2, prepare the appropriate closing entries. View transaction list Journal entry worksheet < 1 2 3 4 > Record the entry to close the withdrawals account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal < Required 2 Required 3