Calculate an income statement for the year


KARISE REPAIRS
Adjusted Trial Balance
December 31, 2013
No. Account Title Debit Credit
101 Cash
$ 16,000




124 Office supplies

1,400




128 Prepaid insurance

2,800




167 Equipment

53,000




168 Accumulated depreciation-Equipment




$ 5,300
201 Accounts payable





14,500
210 Wages payable





800
301 C. Karise, Capital





34,000
302 C. Karise, Withdrawals

16,500




401 Repair fees earned





101,000
612 Depreciation expense-Equipment

5,300




623 Wages expense

39,000




637 Insurance expense

1,000




640 Rent expense

14,500




650 Office supplies expense

3,200




690 Utilities expense

2,900















Totals
$ 155,600

$ 155,600










Assume there are no owner investments for 2013.

1.1 Prepare an income statement for the year 2013.

1.2 Prepare a statement of owners equity for the year 2013

1.3 Prepare a classified balance sheet at December 31, 2013.

2.1 Provide closing entry information, and the post closing trial balance.

3.1 Prepare the appropriate closing journal entries.

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Accounting Basics: Calculate an income statement for the year
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