Superb Professors

Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted trial balance of Karise Repairs on December 31, 2017, follows. Credit Debit $ 99,000 1,800 2,800 52,000 $ KARISE REPAIRS Adjusted Trial Balance December 31, 2017 No. Account Title 101 Cash 124 office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 201 Accounts payable 210 Wages payable 301 c. Karise, Capital 302 C. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 office supplies expense 690 Utilities expense Totals 5,200 12.000 700 38,000 17,500 177.900 5,200 35,000 500 12,000 4,200 3,800 $233,800 $233,800 Check my wor 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. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Required 3 Prepare an income statement for the year 2017 KARISE REPAIRS Income Statement For Year Ended December 31, 2017 Chap 4 – HW Saved Prepare an income statement for the year 2017. 1.5 points KARISE REPAIRS Income Statement For Year Ended December 31, 2017 Revenues eBook Expenses Print Total expenses Refren Required 18 > Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Required 3 Prepare a statement of owner's equity for the year 2017. KARISE REPAIRS Statement of Owner's Equity For Year Ended December 31, 2017 C. Karise, Capital, Jan 1, 2017 C. Karise, Capital, Dec. 31, 2017 newconnect.mheducation.com/flow/connect.html Chap 4 – HW Required 1A Required 1B Required 1C Required 2 Required 3 Prepare a classified balance sheet at December 31, 2017. 15 points KARISE REPAIRS Balance Street December 31, 2017 eBook Print Check my wor Entry Information Dr. Cr. Trial Balance Dr. Cr. $ Trial Balance Br. cr. 99,000 1,800 2.800 52.000 $ 5.2001 12.000 NO Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 7001 38,000 17.500 177,900 5.200 35,000 500 12,000 4,200 3.800 640 Rent expense 650 Office supplies expense 690 Utilities expense 901 Income summary Using information from the work sheet in Requirement 2, prepare the appropriate closing entries. View transaction list Journal entry worksheet 2 3 4 Record the entry to close revenue account(s). Note: Enter debits before credits Date General Journal Debit Credit Dec 31

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