Solve the following case on a separate sheet. Neatly show your solutions and for each requirement. Compile your answers to your portfolio. The partial work sheet of Midtown Repair Company at December 31, 2011, follows.

Self-Check: (Adapted: wild) Solve the following case on a separate sheet. Neatly show your solutions and for each requirement. Compile your answers to your portfolio. The partial work sheet of Midtown Repair Company at December 31, 2011, follows. Balance Sheet and Adjusted Trial Income Statement of Balance Statement Owner's Equity Debit Credit Debit Credit Debit Credit Cash 95,600 Notes receivable (current) . . . . . . . . . . . . ... 50,000 Prepaid insurance . . . .. 16.000 Prepaid rent . . .. . 4.000 Equipment . . . . . . . . . .. 170,000 Accumulated depreciation-Equipment . . .. 57,000 Accounts payable 52,000 Long-term notes payable 63,000 C. Trout, Capital . . .. 178.500 C. Trout, Withdrawals 30,000 Repair services revenue 180,800 Interest revenue 7,500 Depreciation expense-Equipment . . . 28,500 Wages expense 85,000 Rent expense 18.000 Insurance expense 6,000 Interest expense . 5,700 Totals . . . . . . 538,800 538,800 57 Required 1. Complete the work sheet by extending the adjusted trial balance totals to the appropriate financial statement columns. 2. Prepare an income statement, statement of owner's equity, and classified balance sheet (in report form) as of December 31, 2011