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. Credit Debit $ 59,000 1,800 2,300 57,000 $ KARISE REPAIRS Adjusted Trial Balance December 31, 2017 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 5,700 15,000 1,000 34,000 19,500 154,200 5,700 41,000 1,000 16,000 3,800 2,800 $209,900 Totals $209,900 Assume there are no owner investments in 2017. 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. Post-Closing Trial Balance Dr. Cr. 59,000 1,800 $ $ 23,000 57,000 KARISE REPAIRS Partial Work Sheet For Year Ended December 31, 2017 Adjusted Closing Trial Balance Entry Information Dr. Cr. Dr. Cr. 59,000 1,800 2,300 57,000 5,700 15,000 1,000 34.000 98,600 154,200 19,500 19,500 154,200 154,200 5,700 5,700 41,000 41,000 1,000 1,000 16,000 16,000 3,800 3,800 2,800 2,800 No. Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciationEquipment 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 901 Income summary 57,000 15,000 1,000 98,400 0 0 0 01 of 01