The adjusted trial balance of Karise Repairs on December 31 follows. Number Account Title 101 124 128 167 168 201 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 403 Services revenue 612 Depreciation expense-Equipment 623 637 640 650 690 KARISE REPAIRS Adjusted Trial Balance December 31 Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Totals Debit $ 116,000 1,300 2,150 58,000 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. 17,500 Credit $ 5,800 14,500 1,300 37,000 204,850 5,800 38,000 1,000 16,000 3,700 4,000 $ 263,450 $ 263,450 Note: C. Karise, Capital account balance was $37,000 on December 31 of the prior year, and there were no owner investments during the year.

The adjusted trial balance of Karise Repairs on December 31 follows. Number Account Title 101 124 128 167 168 201 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 403 Services revenue 612 Depreciation expense-Equipment 623 637 640 650 690 KARISE REPAIRS Adjusted Trial Balance December 31 Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Totals Debit $ 116,000 1,300 2,150 58,000 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. 17,500 Credit $ 5,800 14,500 1,300 37,000 204,850 5,800 38,000 1,000 16,000 3,700 4,000 $ 263,450 $ 263,450 Note: C. Karise, Capital account balance was $37,000 on December 31 of the prior year, and there were no owner investments during 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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