I need help with completing work sheet , part 4 on tab problem 04-04A and 07-03A. ATTACHMENT PREVIEW Download attachment Copy of Knowledge Assignment BUS 181 -4.xlsx Student Name: Class: Problem 04-04A KARISE REPAIRS Income Statement For the Year Ended December 31, 2013 Repair fees earned $ $ Expenses: Depreciation expense – Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Total expenses Net income $ 90,950 60,200 30,750 5,000 37,500 800 10,600 3,600 2,700 Correct! KARISE REPAIRS Statement of Owner’s Equity For Year Ended December 31, 2013 C. Karise, Capital, January 1, 2013 Add: Net income $ Less: Withdrawals C. Karise, Capital, December 31, 2013 $ 33,000 30,750 16,000 47,750 Correct! KARISE REPAIRS Balance Sheet December 31, 2013 Assets Current assets Cash Office supplies Prepaid insurance Total current assets Plant assets Equipment Accumulated depreciation – Equipment Total assets $ 14,000 1,300 2,050 $ 17,350 $ 5,000 62,350 50,000 67,350 Correct! Liabilities Current liabilities Accounts payable Wages payable Total current liabilities $ 14,000 600 14,600 Equity C. Karise, Capital Total liabilities and equity $ 33,000 62,350 Correct! KARISE REPAIRS Work Sheet For Year Ended December 31, 2013 No. 101 124 128 167 168 201 210 301 302 401 612 623 637 640 650 690 901 Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation – Equipment Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals Repair fees earned Depreciation expense – Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Income summary Totals Adjusted Trial Balance Debit Credit 14,000 1,300 2,050 50,000 5,000 14,000 600 33,000 16,000 90,950 5,000 37,500 800 10,600 3,600 2,700 143,550 143,550 (Jnl.) Closing Entry Information Debit (Jnl.) Credit Post-Closing Trial Balance Debit Credit Student Name: Class: Problem 04-04A KARISE REPAIRS General Journal Debit (1) (2) (3) (4) Dec. 31, 2013 Closing entries: Repair Fees Earned Income Summary To close the revenue account. Income Summary Depreciation Expense – Equipment Wages Expense Insurance Expense Rent Expense Office Supplies Expense Utilities Expense To close the expense accounts. Credit 90,950 Correct! 90,950 60,200 Correct! Income Summary C. Karise, Capital To close the Income Summary account. Correct! C. Karise, Capital C. Karise, Withdrawals To close the withdrawals account. Correct! 5,000 37,500 800 10,600 3,600 2,700 30,750 33,000 16,000 16,000 Part 4: Assume for this part only: (a) None of the $800 insurance expense had expired during the year. Instead, assume it is a prepayment of the next period’s insurance protection. (b) There are no earned and unpaid wages at the end of the year. Describe the financial statement changes that would result from these two assumptions. Given Data P04-04A: KARISE REPAIRS Adjusted Trial Balance December 31, 2013 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation – Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals Check figures: (1) Ending capital balance Net Income (2) Post-closing trial balance totals $ 14,000 1,300 2,050 50,000 $ 5,000 14,000 600 33,000 16,000 90,950 $ $ $ $ 5,000 37,500 800 10,600 3,600 2,700 143,550 $ 47,750 30,750 67,350 143,550 Student Name: Class: Problem 07-03A Page 2 CHURCH COMPANY Sales Journal Inv. No. 854 855 856 857 858 Date Account Debited Mar. 2 Min Cho 3 Linda Witt 10 Jovita Albany 27 Jovita Albany 28 Linda Witt 31 Total Acct. Rec. Debit Sales Cr. 16,800 10,200 5,600 14,910 4,315 51,825 Correct! PR v v v v v COGS Debit Inv. Credit 8,400 5,800 2,900 7,220 3,280 27,600 Correct! Page 2 CHURCH COMPANY Purchases Journal Date Account Mar. 1 Van Industries 3