need help with questions and both sheets please i dont understand

Steps in the accounting cycle Worksheet Adjusted Trial Balance Debat Crede Income Statement Balance Sheet and Statement of Owners Equity Duble Credit Dubult Credit Cash 95.500 95.600 50.000 16,000 4,000 N0.000 50,000 16.000 4,000 170,000 57.000 52.000 63.000 178,500 57.000 52,000 63,000 178.500 30.000 30,000 Notes receivable current Prepaid insurance Prepaid ront Equipment Accumulated depreciation Equipment Accounts payable Long-term notes payable C. Trout Capital C. Trout Withdrawals Repar services revenge Interest revenue Depreciation expense-Equipment Wages expense Rent expense Insurance expense Interestupene Totals Nut income Totals 180.800 7.500 28.500 85.000 48.000 6.000 5,700 538,800 180.000 7.500 28.500 85.000 48.000 6.000 5.700 173.200 188,300 15.100 188,300 188.200 538.800 365.600 350.500 15.100 365.600 365.600 The worksheet and financials for Midtown Repair Company at December 31, 20XX are provided below. Use the worksheet and financial statements provided to complete the requirements. Required: 1. Upon your review, you observed that Midtown analyzed transactions in preparation for journals, recorded journal entries, posted journal entries to the general ledger, and prepared an unadjusted trial balance. What are the next two required steps in the accounting cycle for Midtown? Provide the name of each step and describe what actions take place during each step. a You reviewed the financial statements provided by Midtown and observed that the file of closing entries cannot be located. Using the worksheet provided below, prepare the closing entries for Midtown. b. Be sure to include a description for each entry. able to use these features, close Word, restart it, and sign in with your Microsoft 365 account Get help ACCT110 - Report: Report: Evaluate Complete Accounting Cycle 2. Prepare the revenue and expense accounts post-closing ledger (to close revenues and expenses to Income Summary). Prepare Midtown's Income Summary (For revenues and expenses) Income Summary Date Explanation Debit Credit Balance 2017 Jan. 1 Beginning balance Dec. 31 Dec 31 0.00 Dec 31 Capital ledger accounts C. Tre Capital Account Mo. 301 Explanation PR Debit Credit Balance Date 2017 Jan 1 Dec 31 31 Beginning balance... Close Income Sun Close C. Trout Withdrawals 15,100 178,500 193.600 163.600 20.000 The capital ledger accounts and post-closing entries are provided above: 3. Where will the final capital balance of $163,600 be reported? a. What does the final capital balance of S163,600 reflect? Explain. 4. A partial balance sheet was provided by Midtown for your review (see balance sheet below). & What components are missing from the balance sheet? Why are they required? Explain b. Complete the balance sheet for Midtown. Add the required information to the table provided below. c. On the balance sheet, which 2 accounts must equal the same amount? Why? Explain. 5. You observed that a Post-Closing Trial Balance was not prepared. Why is this step in the accounting cycle important? Explain. a. Prepare the Post-Closing Trial Balance for Midtown. Use the template provided below (Check figure for debit/credit totals - $335.600) b. Why doesn't the totals on the balance sheet equal the totals on the post closing trial balance? ACCT110-Report: Report: Evaluate Complete Accounting Cycle Complete Motown's Balance Sheet MIDTOWN REPAIR COMPANY Balance Sheet December 21, 2017 Assets Current assets Cash Notes receivable Prepaid insurance Prepaid ront. Total current assets Plant assets Equipment.. Loss: Accumulated depreciation Equipment Total plant assets $ 95,600 50,000 16,000 4000 165,600 $170,000 57.000) Total assets 113.000 $278.600 Complete Motown's Post-Closing Trial Balance MIDTOWN REPAIR COMPANY Post.Closing Trial Balance December 31, 2017 Account title Debit Credit Totals