KARISE REPAIRS Adjusted Trial Balance December 31 Number Account Title Debit 101 Cash Credit $ 14,000 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 1,300 2,050 50,000 $ 5,000 14,000 600 307 Common stock 10,000 318 Retained earnings 23,000 319 Dividends 16,000 403 Services revenue 90,950 612 Depreciation expense-Equipment. 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals 5,000 37,500 800 10,600 3,600 2,700 $ 143,550 $143,550 Note: Retained Earnings account balance was $23,000 on December 31 of the prior year. Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of retained earnings for the year. 1c. Prepare a classified balance sheet at December 31. 2. Prepare the December 31 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 Prepare a classified balance sheet at December 31. Current assets Cash Office supplies Prepaid insurance KARISE REPAIRS Balance Sheet December 31 Assets Equipment Accumulated depreciation-Equipment Total assets Current liabilities Liabilities 69 $ 14,000 1,300 2,050 $ 17,350 50,000 (5,000) 45,000 $ 62,350 Current liabilities Accounts payable Wages payable Total current liabilities $ 14,000 600 14,600 Equity Common stock G 10,000 Retained earnings 37,750 47,750x Total equity 95,500 110,100 < Required 1B Required 2 >