The adjusted trial balance of Karise Repairs on December 31, 2017, follows, Credit Debit $ 14,000 1,300 2,050 50,000 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 Totals $ 5,000 14,000 600 33,000 16,000 99,950 5,000 37,500 800 10,600 3,600 2,700 $143,550 $143,550 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. Prepare an income statement for the year 2017. $ 90,950 KARISE REPAIRS Income Statement For Year Ended December 31, 2017 Revenues: Repair fees earned Expenses: Wages expense $ 37,500 Insurance expense 800 Rent expense 10,600 Office supplies expense 3,600 Utilities expense 2,700 >> Total expenses 55,200 35,750 Net income $ 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 $ Add: Net income 33,000 35,750 X 68,750 16,000 52,750 Less: Withdrawals C. Karise, Capital, Dec. 31, 2017 $ $ Prepare a classified balance sheet at December 31, 2017. KARISE REPAIRS Balance Sheet December 31, 2017 Assets Current assets Cash $ Office supplies Prepaid insurance 14,000 1,300 2,050 Total assets x $ 17,350 0 Liabilities Equity Journal entry worksheet 1 2 3 4 Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 View general journal Clear entry Record entry Journal entry worksheet