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	$	123,000
124	Office supplies		1,800
128	Prepaid insurance		2,350
167	Equipment		53,000
168	Accumulated depreciationEquipment					$	5,300
201	Accounts payable						16,000
210	Wages payable						1,300
301	C. Karise, Capital						35,000
302	C. Karise, Withdrawals		19,500
401	Repair fees earned						211,150
612	Depreciation expenseEquipment		5,300
623	Wages expense		44,000
637	Insurance expense		1,500
640	Rent expense		11,000
650	Office supplies expense		3,100
690	Utilities expense		4,200
	Totals	$	268,750			$	268,750

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.