The adjusted trial balance of Karise Repairs on December 31, 2017, follows KARISE REPAIRS Adjusted Trial Balance December 31, 2017 Account Title Debit Credit No 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 $123,000 1,100 2,800 56,000 $ 5,600 12,500 1,500 36,000 18,000 215,200 5,600 41,000 1,000 14,500 3,800 4.000 _ $270,800 $270,800 Totals 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. KARISE REPAIRS Income Statement For Year Ended December 31, 2017 Revenues Repair fees earned $215,200 Expenses Depreciation expense-Equipment Wages expense nsurance expense Rent expense Office supplies Utilities expense 5,600 41,000 1,000 14,500 3,800 4,000 69,900 S 145,300 Total expenses et 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 36,000 36,000 18,000 18,000 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 $ 123,000 1,100 2,800 56,000 Plant assets $ 182,900 Accounts payable Wages payable Total current liabilities Equity C. Karise, Capital 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 Closing Post-Closing Adjusted Trial Balance Entry Information Trial Balance Account Title Dr. O. 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 123,000 1,100 2,800 56,000 5,600 12,500 1,500 36,000 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 401 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense 901 Income summary 18,000 Repair fees earned 215,200 5,600 41,000 1,000 14,500 3,800 4,000 Total $ 270,800 S 270,800 S Journal entry worksheet 2 4 Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record the entry to close expense account (s) Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Journal entry worksheet 2 4 Record the entry to close income summary Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Journal entry worksheet 2 4 Record the entry to close the withdrawals account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
