Please provide explanation.

The adjusted trial balance of Karise Repairs on December 31 follows KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title Debit Credit 101 Cash $ 24,000 124 Office supplies 1,700 128 Prepaid Insurance 167 Equipment 50,000 168 Accumulated depreciation Equipment $5,000 201 Accounts payable 14,000 210 wages payable 600 301 c. Karise, Capital 33,000 302 C. Karise, withdrawals 16,000 401 Repair fees earned 90,950 612 Depreciation expense-Equipment 5,000 623 wages expense 37,500 637 Insurance expense 800 640 Rent expense 10,600 650 office supplies expense 3,600 690 Utilities expense 3N Totals 5143,550 $143,550 Note: C. Karise. Capital was $33.000 on December 31 of the prior year. Required: 10. 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 ON Required LA Required 10 Required 1C Required 2 Required > Complete the worksheet using the adjusted trial balance in the first two columns of a b-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 Adjusted Closing Post Closing Trial Balance Entry Information Trial Balance No. Account Title Dr. C CE C. 101 Cash 14000 5 14,000 124 Once supplies 1300 1.300 126 Prepaid insurance 2.050 2.050 167 Equipment 50.000 50.000 168 Acumpriment $ 5.000 5.000 201 Accounts payable 14.000 14 000 210 Wages payabile 600 GOO 301 C Kaise Capital 33.000 302 C. Karise Withdrawal 16 000 401 Repair fees samed 50.550 612 Depreciation expense-Equipment 5.000 623 Wages expense 37.500 6:37 Insurance 000 640 Rent expense 10 GOO 650 Orice supplies 3.600 60 Uspense 2.700 501 Income Summary 5 143 550 5 1435505 67350 5 19 600