Number Account Title 101 124 128 167 168 201 210 301 302 403 612 623 637 640 650 690 Karise Repairs on December 31 follows. 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 $ 127,000 1,200 2,650 57,000 equired: . Prepare an income statement for the year. -. Prepare a statement of owner's equity for the year. - Prepare a classified balance sheet at December 31. Prepare the December 31 closing entries. 20,000 5,700 42,000 700 14 500 $ 5,700 13,500 1,400 35,000 222,350 4,300 2,900 $ 277,950 $ 277,950 Note: C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there were no owner investments dum he year.
Number Account Title 101 124 128 167 168 201 210 301 302 403 612 623 637 640 650 690 Karise Repairs on December 31 follows. 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 $ 127,000 1,200 2,650 57,000 equired: . Prepare an income statement for the year. -. Prepare a statement of owner's equity for the year. - Prepare a classified balance sheet at December 31. Prepare the December 31 closing entries. 20,000 5,700 42,000 700 14 500 $ 5,700 13,500 1,400 35,000 222,350 4,300 2,900 $ 277,950 $ 277,950 Note: C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there were no owner investments dum he year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The adjusted trial balance of Karlse Repairs on December 31 follows.
Number Account Title
101
124
128
167
168
201
210
301
302
403
612
623
637
640
650
690
Adjustad Trial Balance
December 31
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
Dabit
$ 127,000
1,200
2,650
57,000
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.
20,000
Credit
$ 5,700
he below
13,500
1,400
35,000
222,350
5,700
42,000
700
14, 500
4,300
2,900
$ 277,950 $ 277,950
Note: C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there were no owner investments during
the year.
Submit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F217676ce-6c41-464d-8a32-8b0795f563e2%2Fbd649419-62f7-427d-9ab1-fa4f496f0b17%2Fsnm2wep.jpeg&w=3840&q=75)
Transcribed Image Text:The adjusted trial balance of Karlse Repairs on December 31 follows.
Number Account Title
101
124
128
167
168
201
210
301
302
403
612
623
637
640
650
690
Adjustad Trial Balance
December 31
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
Dabit
$ 127,000
1,200
2,650
57,000
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.
20,000
Credit
$ 5,700
he below
13,500
1,400
35,000
222,350
5,700
42,000
700
14, 500
4,300
2,900
$ 277,950 $ 277,950
Note: C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there were no owner investments during
the year.
Submit
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