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, 2017, follows. KARISE REPAIRS Adjusted Trial Balance December 31, 2017 No. Account Title Debit Credit 101 Cash $ 22,000 124 Office supplies 1,100 128 Prepaid insurance 2,050 167 Equipment 58,000 168 Accumulated depreciation Equipment $ 5,800 201 Accounts payable 12,500 210 Wages payable 700 301 C. Karise, Capital 36,000 302 C. Karise, withdrawals 15,500 401 Repair fees earned 111, 450 612 Depreciation expense-Equipment 5,800 623 Wages expense 40,000 637 Insurance expense 600 640 Rent expense 13,000 650 office supplies expense 4,300 690 Utilities expense 4 100 Totals $166,450 $166,450 Assume there are no owner investments in 2017. Required: 1a. Prepare an income statement for the year 2017, 1b. Prepare a statement of owner's equity for the year 2017, 1c. Prepare a classified balance sheet at December 31, 2017 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, Required: 1a. Prepare an income statement for the year 2017 1b. Prepare a statement of owner's equity for the year 2017 1c. Prepare a classified balance sheet at December 31, 2017 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. Required 1A Required 1B Required 1C Required 2 Required 3 Prepare an income statement for the year 2017. KARISE REPAIRS Income Statement For Year Ended December 31, 2017 Revenues Expenses: Total expenses 0 0 $ Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Required 3 Prepare a statement of owner's equity for the year 2017. KARISE REPAIRS Statement of Owner's Equity For Year Ended December 31, 2017 C. Karise, Capital, Jan. 1, 2017 0 C. Karise, Capital, Dec. 31, 2017 $ 0 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Required 3 Prepare a classified balance sheet at December 31, 2017. KARISE REPAIRS Balance Sheet December 31, 2017 $ 0 0 Required 1A Required 18 Required 10 Required 2 Required 3 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. KARISE REPAIRS Partial Work Sheet For Year Ended December 31, 2017 Adjusted Closing Post-Cloning Trial Balance Entry Information Trial Balance No. Account Title Dr. Cr. Cr. Dr. Cr. 101 Cash $ 22,000 124 Office supplies 1,100 128 Prepaid insurance 2,050 167 Equipment 58,000 168 Accumulated depreciation Equipment $ 5,800 201 Accounts payable 12.500 210 Wages payable 700 301 C. Karine, Capital 36,000 302 C. Karise. Withdrawals 15,500 401 Repair fees camed 111.450 612 Depreciation expense-Equipment 5,800 623 Wages expense 40,000 637 Insurance expense 600 640 Rent expense 13,000 650 Office supplies expense 4,300 690 Utilities expense 4,100 901 Income summary Total $ 166,450 $ 166,450 $ 0 $ 0 $ 0 $ Required: 1a. Prepare an income statement for the year 2017. 16. Prepare a statement of owner's equity for the year 2017, 1c. Prepare a classified balance sheet at December 31, 2017. 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. Required 1A Required 18 Required 10 Required 2 Required 3 Using information from the work sheet in Requirement 2, prepare the appropriate closing entries. View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close revenue account(s). Note: Enter debits before credits General Journal Dobit Credit Date Dec 31 Record entry Clear entry View general Journal
