Reference no: EM132448781

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	$102,000
124	Office supplies	1,500
128	Prepaid insurance	2,750
167	Equipment	56,000
168	Accumulated depreciation-Equipment		$5,600
201	Accounts payable		14,500
210	Wages payable		1,200
301	C. Karise, Capital		39,000
302	C. Karise, Withdrawals	19,500
401	Repair fees earned		184,450
612	Depreciation expense-Equipment	5,600
623	Wages expense	37,000
637	Insurance expense	1,100
640	Rent expense	11,500
650	Office supplies expense	4,400
690	Utilities expense	3,400
	Totals	$244,750	$244,750

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.