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The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number 101 124 128 167 168 201 210 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 $ 14,000 1,300 2,050 50,000 $ 5,000 14,000 600 10,000 23,000 307 318 319 403 612 623 16,000 90,950 637 640 650 690 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.

The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number 101 124 128 167 168 201 210 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 $ 14,000 1,300 2,050 50,000 $ 5,000 14,000 600 10,000 23,000 307 318 319 403 612 623 16,000 90,950 637 640 650 690 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
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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 ook Prepare a classified balance sheet at December 31. Print KARISE REPAIRS Balance Sheet December 31 ceferences 2$ Mc Graw Hill < Prev 8 of 8 Next > 888 DII F2 F4 F7 FB @ #3 2$ & * 3 4 5 7 W A * CO < cO
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 ook Prepare a classified balance sheet at December 31. Print KARISE REPAIRS Balance Sheet December 31 ceferences 2$ Mc Graw Hill < Prev 8 of 8 Next > 888 DII F2 F4 F7 FB @ #3 2$ & * 3 4 5 7 W A * CO < cO
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
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