The adjusted trial balance of Karlse Repairs on December 31 follows.Number Account Title101124128167168201210301302403612623637640650690Adjustad Trial BalanceDecember 31CashOffice suppliesPrepaid insuranceEquipmentAccumulated depreciation-EquipmentAccounts payable.Wages payableC. Karise, CapitalC. Karise, WithdrawalsServices revenueDepreciation expense-EquipmentWages expenseInsurance expenseRent expenseOffice supplies expenseUtilities expenseTotalsDabit$ 127,0001,2002,65057,000Required: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.20,000Credit$ 5,700he below13,5001,40035,000222,3505,70042,00070014, 5004,3002,900$ 277,950 $ 277,950Note: C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there were no owner investments duringthe year.Submit

The financial statements of the business include income statement, balance sheet and statement of…

Number Account Title 101 124 128 167 168 201 210 301 302 403 612 623 637 640 650 690 Karise Repairs on December 31 follows. Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals Services revenue Depreciation expense-Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Totals $ 127,000 1,200 2,650 57,000 equired: . Prepare an income statement for the year. -. Prepare a statement of owner's equity for the year. - Prepare a classified balance sheet at December 31. Prepare the December 31 closing entries. 20,000 5,700 42,000 700 14 500 $ 5,700 13,500 1,400 35,000 222,350 4,300 2,900 $ 277,950 $ 277,950 Note: C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there were no owner investments dum he year.

Number Account Title 101 124 128 167 168 201 210 301 302 403 612 623 637 640 650 690 Karise Repairs on December 31 follows. Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals Services revenue Depreciation expense-Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Totals $ 127,000 1,200 2,650 57,000 equired: . Prepare an income statement for the year. -. Prepare a statement of owner's equity for the year. - Prepare a classified balance sheet at December 31. Prepare the December 31 closing entries. 20,000 5,700 42,000 700 14 500 $ 5,700 13,500 1,400 35,000 222,350 4,300 2,900 $ 277,950 $ 277,950 Note: C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there were no owner investments dum he year.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section: Chapter Questions

Problem 1AP

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