Question: The adjusted trial balance of Kobe Repairs on December 31, 2011, follows.
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Required: 1. Prepare an income statement and a statement of owner's equity for the year 2011, and a classified balance sheet at December 31, 2011. There are no owner investments in 2011.
2. Enter the adjusted trial balance in the first two columns of a six-column table. Use columns three and four for closing entry information and the last two columns for a post-closing trial balance. Insert an Income Summary account as the last item in the trial balance.
3. Enter closing entry information in the six-column table and prepare journal entries for it. Analysis Component
4. Assume for this part only that
a. None of the $700 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.