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(Solved): Complete parts 1-2 The adjusted trial balance of Karise Repairs on December 31 follows. Note: Retai ...
The adjusted trial balance of Karise Repairs on December 31 follows. Note: Retained Earnings account balance was \( \$ 39,000 \) on December 31 of the prior year. Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of retained earnings for the year. 1c. Prepare a classified balance sheet at December 31 . 2. Prepare the December 31 closing entries. Complete this question by entering your answers in the tabs below.
Expert Answer
1a. The Income statement is give below: KARISE REPAIRS Income Statement For the year ended December 31 Revenues: Service Revenue $120,800 Expenses: De