Solution-Prepare an income statement for the year

Prepare an income statement for the year

Assignment Help Accounting Basics

Reference no: EM131622093

Problem - 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	$102,000
124	Office supplies	1,500
128	Prepaid insurance	2,750
167	Equipment	56,000
168	Accumulated depreciation-Equipment		$5,600
201	Accounts payable		14,500
210	Wages payable		1,200
301	C. Karise, Capital		39,000
302	C. Karise, Withdrawals	19,500
401	Repair fees earned		184,450
612	Depreciation expense-Equipment	5,600
623	Wages expense	37,000
637	Insurance expense	1,100
640	Rent expense	11,500
650	Office supplies expense	4,400
690	Utilities expense	3,400
	Totals	$244,750	$244,750

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: EM131622093

Questions Cloud

What is the expected yield of the machine : What is the expected yield of the machine?

What resources are there for educators and families : what they are and how they are developed - what are the legal requirements - how are they used to differentiate instruction and assessment

Identified risks on the risk assessment form : Select an industry or type of workplace e.g. manufacturing, auto repair, restaurant, or other service facility, etc., and complete a risk assessment.

Define bill of rights impact american society : How did the Bill of Rights impact American society at the time of its creation. What changes did it create

Prepare an income statement for the year : The adjusted trial balance of Karise Repairs on December 31, 2017, Prepare an income statement for the year 2017

Discuss the actions of the accounting standards : The manager of Castle Industries often buys plant and equipment and debits the cost to Repairs and maintenance expense.

How were the states rights seen in the era of constitution : How were the states' rights seen in the era of the Constitution? How are states' rights issues seen in the U.S. today?

Describe the role that training plays in the company : TRAINING AND DEVELOPMENT: Describe the role that training plays in the company. Where is the future of training headed for organizations?

Do you believe selective engagement is smart foreign policy : Do you believe selective engagement is a smart foreign policy for the US to pursue? American foreign policy & process (11th ed.). Cengage: Boston, MA.

User Account

All Pages

Prepare an income statement for the year

Reference no: EM131622093

Reference no: EM131622093

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT