Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $ 93,000 1,500 2,100 50,000 KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals $ 5,000 13,500 600 33,000 17,000 175,300 5,000 39,000 1,400 11,500 3,300 3,600 $227,400 $227,400 Note: C. Karise, Capital was $33.000 on December 31 of the prior vear. Required: 1a. 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. Complete this question by entering your answers in the tabs below