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.Complete this question by entering your answers in the tabs below.Required 1A Required 1B Required 1C Required 2Prepare an income statement for the year.Revenues:Services revenueExpenses:Services revenueRent expenseTotal expensesNet incomeKARISE REPAIRSIncome StatementFor Year Ended December 31< Required 1A$00Required 1B>www The adjusted trial balance of Karise Repairs on December 31 follows.KARISE REPAIRSAdjusted Trial BalanceDecember 31Number Account Title101124128167168201210301302CashOffice suppliesPrepaid insurance637640650690EquipmentAccumulated depreciation-EquipmentAccounts payableWages payableC. Karise, CapitalC. Karise, Withdrawals403Services revenue612 Depreciation expense-Equipment623Wages expenseInsurance expenseRent expenseOffice supplies expenseUtilities expenseTotalsRequired:1a. Prepare an income statement for the year.1b. Prepare a statement of owner's equity for the year.1c. Prepare a classified balance sheet at December 31.2. Prepare the December 31 closing entries.Debit$ 14,0001,3002,05050,00016,0005,00037,500AAAAAA....LA80010, 600CreditNote: C. Karise, Capital account balance was $33,000 on December 31 of the prior year, and there were no owner investmethe year.Complete this question by entering your answers in the tabs below.$ 5,00014,00060033,00090,9503,6002,700$ 143,550 $ 143,550

The Balance Sheet shows the balance of assets liabilities and equity as of the balance sheet date.…

The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 210 Accounts payable Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 403 Services revenue 612 Depreciation expense-Equipment 623 637 640 650 690 Required Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Totals Debit $ 14,000 1,300 2,050 50,000 Credit $ 5,000 14,000 600 33,000 90,950 16,000 5,000 37,500 800 10,600 3,600 2,700 $ 143,550 $ 143,550 Note: C. Karise, Capital account balance was $33,000 on December 31 of the prior year, and there were no owner investm the year.

The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 210 Accounts payable Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 403 Services revenue 612 Depreciation expense-Equipment 623 637 640 650 690 Required Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Totals Debit $ 14,000 1,300 2,050 50,000 Credit $ 5,000 14,000 600 33,000 90,950 16,000 5,000 37,500 800 10,600 3,600 2,700 $ 143,550 $ 143,550 Note: C. Karise, Capital account balance was $33,000 on December 31 of the prior year, and there were no owner investm the 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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please solve only first two reuirements without handwritten thnku