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Urgent! Big thanks! The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $ 77,000 1,900 3,000 57,000 Number 101 124 128
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The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $ 77,000 1,900 3,000 57,000 Number 101 124 128 167 168 201 210 301 302 403 612 623 637 640 650 690 KARISE REPAIRS Adjusted Trial Balance December 31 Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable c. Karise, Capital C. Karise, Withdrawals Services revenue Depreciation expense-Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Totals $ 5,700 13,500 1,500 31,000 19,000 167,900 5,700 37,000 800 11,000 3,100 4,100 $ 219,600 $ 219,600 Note: C. Karise, Capital account balance was $31,000 on December 31 of the prior year, and there were no owner investments during the year. Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of owner's equity for the year. 1c. Prepare a classified balance sheet at December 31. 2. Prepare the December 31 closing entries. Required 1A Required 1B Required 1c Required 2 Prepare an income statement for the year. KARISE REPAIRS Income Statement For Year Ended December 31 Revenues: Expenses: Total expenses 0 $ 0 Required 1A Required 1B > Required 1A Required 1B Required 10 Required 2 Prepare a statement of owner's equity for the year. KARISE REPAIRS Statement of Owner's Equity For Year Ended December 31 C. Karise, Capital, December 31 prior year Add: Investments by owner 0 0 C. Karise, Capital, December 31 current year $ 0Step by Step Solution
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