Question
Problem 4-5A Preparing financial statements and closing entries C1 P2 The adjusted trial balance of Karise Repairs on December 31 follows. Adjusted Trial Balance
"Problem 4-5A
Preparing financial statements and closing entries
C1 P2
The adjusted trial balance of Karise Repairs on December 31 follows.
Adjusted Trial Balance December 31
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Required
1. Prepare an income statement and a statement of owners equity for the year, and a classified balance sheet at December 31. Note: The C. Karise, Capital account balance was $33,000 on December 31 of the prior year, and there were no owner investments during the current year.
2. Prepare the December 31 closing entries.
Check (1) Ending capital balance, $47,750; Net income, $30,750
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