Solution-Complete the work sheet using the adjusted trial

Complete the work sheet using the adjusted trial balance

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Reference no: EM131755000

The adjusted trial balance of Karise Repairs on December 31, 2017, follows.

KARISE REPAIRS Adjusted Trial Balance December 31, 2017

No.	Account Title	Debit	Credit
101	Cash	66,000
124	Office supplies	1,400
128	Prepaid insurance	2,050
167	Equipment	50,000
168	Accumulated depreciation-Equipment		5,000
201	Accounts payable		13,000
210	Wages payable		700
301	C. Karise, Capital		30,000
302	C. Karise, Withdrawals	18,500
401	Repair fees earned		153,350
612	Depreciation expense-Equipment	5,000
623	Wages expense	36,000
637	Insurance expense	1,200
640	Rent expense	14,500
650	Office supplies expense	4,200
690	Utilities expense	3,200
	Totals	202,050	202,050

Assume there are no owner investments in 2017.

Required:

1a. Prepare an income statement for the year 2017.

1b. Prepare a statement of owner's equity for the year 2017.

1c. Prepare a classified balance sheet at December 31, 2017.

2. Complete the work sheet using the adjusted trial balance in the first two columns of a six-column table. Use columns three and four for closing entry information and the last two columns for a post-closing trial balance.

3. Using information from the work sheet in Requirement 2, prepare the appropriate closing entries.

Reference no: EM131755000

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Complete the work sheet using the adjusted trial balance

Reference no: EM131755000

Reference no: EM131755000

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