Prepare an income statement for the year

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Reference no: EM132219672

Question - 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	$14,000
124	Office supplies	1,300
128	Prepaid insurance	2,050
167	Equipment	50,000
168	Accumulated depreciationâ€"Equipment		$5,000
201	Accounts payable		14,000
210	Wages payable		600
301	C. Karise, Capital		33,000
302	C. Karise, Withdrawals	16,000
401	Repair fees earned		90,950
612	Depreciation expenseâ€"Equipment	5,000
623	Wages expense	37,500
637	Insurance expense	800
640	Rent expense	10,600
650	Office supplies expense	3,600
690	Utilities expense	2,700
	Totals	$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.

Reference no: EM132219672

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