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	$	138,000
124	Office supplies		1,100
128	Prepaid insurance		2,350
167	Equipment		53,000
168	Accumulated depreciationEquipment					$	5,300
201	Accounts payable						14,500
210	Wages payable						1,400
301	C. Karise, Capital						32,000
302	C. Karise, Withdrawals		18,000
401	Repair fees earned						232,350
612	Depreciation expenseEquipment		5,300
623	Wages expense		44,000
637	Insurance expense		1,300
640	Rent expense		15,000
650	Office supplies expense		3,500
690	Utilities expense		4,000
	Totals	$	285,550			$	285,550

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.

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 Required 1A Required 1B > 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 C. Karise, Capital, Dec. 31, 2017 Required 1A Required 1C > 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 Required 1B Required 2> Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C 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 Post-Closing Adjusted Closing Trial Balance Trial Balance Entry Information No. Account Title Dr Cr. Dr. Cr. Dr Cr 138,000 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages paya ble 301 C. Karise, Capital 302 C. Karise, Withdrawals 1,100 2,350 53,000 5,300 14,500 1,400 32,000 18,000 401 Repair fees earned 232,350 5,300 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 44,000 1,300 15,000 650 Office supplies expense 3,500 690 Utilities expense 4.000 901 Income summary 285,550 285,550 Total Required 3> Required 1C Complete this question by entering your answers in the tabs below. Required 2 Required 1A Required 1B Required 1C Required 3 Using information from the work sheet in Requirement 2, prepare the appropriate closing entries. View transaction list Journal entry worksheet 1 3 4 Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Clear entry View general journal Record entry Required 3> Required 2