Homework Help is Here – Start Your Trial Now!
Business
Accounting
KARISE REPAIRS Adjusted Trial Balance December 31 lumber 101 124 128 167 168 201 210 307 318 Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Common stock Retained earnings Dividends Services revenue Depreciation expense-Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Debit $ 14,000 1,300 2,050 50,000 Credit $ 5,000 14,000 600 10,000 23,000 319 403 612 623 637 640 650 690 16,000 90,950 5,000 37,500 800 10,600 3,600 2,700 $ 143,550 $ 143,550 Totals Note: Retained Earnings account balance was $23,000 on December 31 of the prior year. Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of retained earnings for the year. 1c. Prepare a classified balance sheet at December 31. 2. Prepare the December 31 closing entries.

KARISE REPAIRS Adjusted Trial Balance December 31 lumber 101 124 128 167 168 201 210 307 318 Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Common stock Retained earnings Dividends Services revenue Depreciation expense-Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Debit $ 14,000 1,300 2,050 50,000 Credit $ 5,000 14,000 600 10,000 23,000 319 403 612 623 637 640 650 690 16,000 90,950 5,000 37,500 800 10,600 3,600 2,700 $ 143,550 $ 143,550 Totals Note: Retained Earnings account balance was $23,000 on December 31 of the prior year. Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of retained earnings for the year. 1c. Prepare a classified balance sheet at December 31. 2. Prepare the December 31 closing entries.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Please answer the question
The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Common stock Retained earnings Dividends Services revenue Depreciation expense-Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Debit Credit 101 124 128 167 168 201 210 307 318 $ 14,000 1,300 2,050 50,000 ped $ 5,000 14,000 600 10,000 23,000 Вook 319 403 612 623 637 640 16,000 Print 90,950 5,000 37,500 800 10,600 3,600 2,700 $ 143,550 $ 143,550 References 650 690 Totals Note: Retained Earnings account balance was $23,000 on December 31 of the prior year. Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of retained earnings for the year. 1c. Prepare a classified balance sheet at December 31. 2. Prepare the December 31 closing entries. Complete this question by entering your answers in the tabs below, Renuired 1A Required 1B Reguired 10 Requiredd 2 Mc Graw Hill < Prev 8 of 8 Next F4 DII DE F8 @ #3 2$ 4 5 7 8. W R
Transcribed Image Text:The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Common stock Retained earnings Dividends Services revenue Depreciation expense-Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Debit Credit 101 124 128 167 168 201 210 307 318 $ 14,000 1,300 2,050 50,000 ped $ 5,000 14,000 600 10,000 23,000 Вook 319 403 612 623 637 640 16,000 Print 90,950 5,000 37,500 800 10,600 3,600 2,700 $ 143,550 $ 143,550 References 650 690 Totals Note: Retained Earnings account balance was $23,000 on December 31 of the prior year. Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of retained earnings for the year. 1c. Prepare a classified balance sheet at December 31. 2. Prepare the December 31 closing entries. Complete this question by entering your answers in the tabs below, Renuired 1A Required 1B Reguired 10 Requiredd 2 Mc Graw Hill < Prev 8 of 8 Next F4 DII DE F8 @ #3 2$ 4 5 7 8. W R
Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of retained earnings for the year. 1c. Prepare a classified balance sheet at December 31. 2. Prepare the December 31 closing entries. ed Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Book Prepare the December 31 closing entries. Print View transaction list View journal entry worksheet No Date General Journal Debit Credit References December 31 Cash < Required 1C Required 2 Mc Graw Hill < Prev 8 of 8 Next> 70 88 DII F2 F4 F5 F6 F7 FB @ 2$ 2 4 6 7 8. Q W E T A
Transcribed Image Text:Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of retained earnings for the year. 1c. Prepare a classified balance sheet at December 31. 2. Prepare the December 31 closing entries. ed Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Book Prepare the December 31 closing entries. Print View transaction list View journal entry worksheet No Date General Journal Debit Credit References December 31 Cash < Required 1C Required 2 Mc Graw Hill < Prev 8 of 8 Next> 70 88 DII F2 F4 F5 F6 F7 FB @ 2$ 2 4 6 7 8. Q W E T A
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
U.S. GAAP VS International financial reporting standards (IFRS)
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS