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 $ 74,000 124 office supplies 1,500 128 Prepaid insurance 2.750 167 Equipment 55,000 168 Accumulated depreciation Equipment $ 5,500 201 Accounts payable 12.500 210 Wages payable 1,200 301 c. Karise, Capital 36,000 302 C. Karise, withdrawals 15,000 401 Repair Cees earned 157,450 612 Depreciation expense-Equipment 5,500 623 Wages expense 37,000 637 Insurance expense 600 640 Hent expense 14,000 650 orice supplies expense 3,500 690 Utilities expense 3.800 Totala $212,650 $212,650 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. Preparo 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 Required 1B Required 10 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 Legured Required 1B 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 Yoar Ended December 31, 2017 C. Karise, Capital, Jan. 1, 2017 0 C. Karise, Capital, Dec. 31, 2017 0 Required 1A Required 18 Required IC Required 2 Required 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. Post Closing Trial Balance Dr CE $ No Account Title 101 Cash 124 once supplies 128 Prepaid insurance 107 Equipment 168 Accumulated depreciation Equipment 201 Accounts payable 210 Wages payable 301 C. Karise Capital 302 CK, Withdrawal 401 Repair fees eamed 012 Depreciation expensement 023 Wages expense 037 Insurance expense 640 Rent expense 650 Once supplies expense 600 tis expense 901 Income summary KARISE REPAIRS Partial Work Sheet For Year Ended December 31, 2017 Adjusted Closing Trial Balance Entry Information Dr. Gr. Dr. Cr 74,000 1,500 2.750 55,000 $ 5,500 12,500 1,200 36.000 15,000 157.450 5,500 37.000 600 14,000 3,500 3,800 Total $ 212,650 $ 212,650 $ Required 1A Required 1B 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
