Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help! The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $ 32,000 1,400 2,900 54,000 $ 5,400 14,000 KARISE REPAIRS

please help!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $ 32,000 1,400 2,900 54,000 $ 5,400 14,000 KARISE REPAIRS Adjusted Trial Balance December 31 Number Account Title 101 Cash 124 office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 307 Common stock 318 Retained earnings 319 Dividends 403 Services revenue 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 office supplies expense 690 Utilities expense Totals 800 14,000 33,000 17,000 106,200 5,400 37,000 1,200 14,500 4,300 3,700 $ 173,400 $ 173, 400 Note: Retained Earnings account balance was $33,000 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. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 Prepare an income statement for the year. KARISE REPAIRS Income Statement For Year Ended December 31 Revenues: Expenses: Total expenses 0 0 $ 0 Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Required 2 Prepare a statement of retained earnings for the year. KARISE REPAIRS Statement of Retained Earnings For Year Ended December 31 Retained earnings, December 31 prior year 0 Retained earnings, December 31 current year $ 0 KARISE REPAIRS Balance Sheet December 31 Assets Current assets $ Cash Office supplies Prepaid insurance 32,000 1,400 2,900 Total current assets $ 36,300 Plant assets 54,000 5,400 48,600 84,900 $ Equipment Accumulated depreciation-Equipment Total assets Liabilities Current liabilities Accounts payable Wages payable $ 14,000 800 Total current liabilities 14,800 Equity Total assets $ 84,900 Liabilities Current liabilities $ 14,000 Accounts payable Wages payable 800 Total current liabilities 14,800 Equity 0 Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Accounting Volume 2 Managerial Accounting

Authors: OpenStax

1st Edition

0357364805, 9780357364802

More Books

Students also viewed these Accounting questions

Question

LO5 Explain how to generate effective recruitment advertisements.

Answered: 1 week ago