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.)