The adjusted trial balance of Karlse Repairs on December 31 follows.Number Account Title101124128167168201210301302403612623637640650690Adjustad Trial BalanceDecember 31CashOffice suppliesPrepaid insuranceEquipmentAccumulated depreciation-EquipmentAccounts payable.Wages payableC. Karise, CapitalC. Karise, WithdrawalsServices revenueDepreciation expense-EquipmentWages expenseInsurance expenseRent expenseOffice supplies expenseUtilities expenseTotalsDabit$ 127,0001,2002,65057,000Required: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.20,000Credit$ 5,700he below13,5001,40035,000222,3505,70042,00070014, 5004,3002,900$ 277,950 $ 277,950Note: C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there were no owner investments duringthe year.Submit

The financial statements of the business include income statement, balance sheet and statement of…

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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CengageNOWv2 |Online teachin X * CengageNOWv2 | Online teachin x+ ow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator=&inprogre... * еВook Show Me How Staley Inc. reported the following data: Net income $406,700 Depreciation expense 60,700 Loss on disposal of equipment 39,500 Increase in accounts receivable 26,800 Increase in accounts payable 11,100 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use t out flows, cash payments, decreases in cash, or any negative adjustments. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: Net income 406,700 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation 60,700 Loss on disposal of equipment 39,500 Changes in current operating assets and liabilities: Increase in accounts receivable 26,800 x Increase in accounts payable 11,100 Net cash flow from operating activities 491,200…
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