Question - The adjusted trial balance of Karise Repairs on December 31, 2010, follows.
KARISE REPAIRS
Adjusted Trial Balance
December 31, 2010
No. Account Title Debit Credit
101 Cash $ 18,000
124 Office supplies 1,700
128 Prepaid insurance 2,750
167 Equipment 57,000
168 Accumulated depreciation-Equipment $ 5,700
201 Accounts payable 12,500
210 Wages payable 1,300
301 C. Karise, Capital 35,000
302 C. Karise, Withdrawal 18,500
401 Repair fees earned 104,850
612 Depreciation expense-Equipment 5,700
623 Wages expense 36,000
637 Insurance expense 1,100
640 Rent expense 10,500
650 Office supplies expense 4,000
690 Utilities expense 4,100
Totals $ 159,350 $ 159,350
Requirement: Prepare an income statement and a statement of owner's equity for the year 2010, and a balance sheet at December 31, 2010. There are no owner investments in 2010. (Input all amounts as positive values. Be sure to list the assets and liabilities in order of their liquidity. Amounts in parentheses do not require a minus sign in front of them. Omit the "$" sign in your response.)