90.2K

Verified Solution

Link Copied!

All answers must be submitted in an Excel document, as indicated in the instructions to each part. Each tab must be labeled as the corresponding part. For example, tab one must be labeled Part 1.

Part 1: The adjusted trial balance of Karise Repairs on December 31, 2015, follows. Assume there are no owner investments.

KARISE REPAIRS Adjusted Trial Balance December 31, 2015
No.	Account Title	Debit				Credit
101	Cash		$	18,000
124	Office supplies			1,800
128	Prepaid insurance			2,500
167	Equipment			55,000
168	Accumulated depreciationEquipment						$	5,500
201	Accounts payable							13,000
210	Wages payable							1,200
301	C. Karise, Capital							33,000
302	C. Karise, Withdrawals			18,500
401	Repair fees earned							113,800
612	Depreciation expenseEquipment			5,500
623	Wages expense			44,000
637	Insurance expense			1,000
640	Rent expense			14,000
650	Office supplies expense			3,100
690	Utilities expense			3,100
	Totals		$	166,500			$	166,500

In an Excel spreadsheet, on one tab:

Prepare an Income Statement, using formulas for totals

Prepare a Statement of Owners Equity, using formulas for totals and figures that are linked to other financial statement information

Prepare a Classified Balance Sheet, using formulas for totals and figures that are linked to other financial statement information.

The adjusted trial balance of Karise Repairs on December 31, 2015, follows.

Part 2: The adjusted trial balance of Karise Repairs on December 31, 2015, follows (NOTE: these figures are different than what was provided in Part 1):

KARISE REPAIRS Adjusted Trial Balance December 31, 2013
No.	Account Title	Debit				Credit
101	Cash		$	20,000
124	Office supplies			2,000
128	Prepaid insurance			2,600
167	Equipment			59,000
168	Accumulated depreciationEquipment						$	5,900
201	Accounts payable							15,500
210	Wages payable							1,100
301	C. Karise, Capital							38,000
302	C. Karise, Withdrawals			17,000
401	Repair fees earned							103,900
612	Depreciation expenseEquipment			5,900
623	Wages expense			38,000
637	Insurance expense			1,300
640	Rent expense			12,000
650	Office supplies expense			3,700
690	Utilities expense			2,900
	Totals		$	164,400			$	164,400

On a separate tab in Excel, transfer the adjusted trial balance into a new tab within your Excel document.

Enter the adjusted trial balance in the first two columns of a six-column table using formulas for the totals column.

Use additional columns to enter closing entry information, using formulas to calculate the totals column

Use additional columns to show a post-closing trial balance, using formulas to calculate the totals column.

Part 3:

The adjusted trial balance of Karise Repairs on December 31, 2015, follows (NOTE: The amounts are different from the other parts of this project).

KARISE REPAIRS Adjusted Trial Balance December 31, 2015
No.	Account Title	Debit				Credit
101	Cash		$	19,000
124	Office supplies			1,300
128	Prepaid insurance			2,300
167	Equipment			59,000
168	Accumulated depreciationEquipment						$	5,900
201	Accounts payable							15,500
210	Wages payable							1,100
301	C. Karise, Capital							33,000
302	C. Karise, Withdrawals			20,000
401	Repair fees earned							115,600
612	Depreciation expenseEquipment			5,900
623	Wages expense			40,000
637	Insurance expense			800
640	Rent expense			15,000
650	Office supplies expense			4,400
690	Utilities expense			3,400
	Totals		$	171,100			$	171,100

On a separate tab in Excel, prepare the appropriate closing journal entries. Debits should be listed first, and credits should be indented. Descriptions are not required.

Answer & Explanation Solved by verified expert

See Answer