The adjusted trial balance of El Makrezy Repairs on December 31, 2015, follows.
EL MAKREZY REPAIRS
Adjusted Trial Balance
December 31, 2015
No.
Account Title
Debit
Credit
101 Cash
$\ 14,000
124 Office supplies
1,300
128 Prepaid insurance
2,050
167 Equipment
50,000
168 Accumulated depreciation-Equipment
$\ 5,000
201 Accounts payable
14,000
210 Wages payable
600
301 C. El Makrezy, Capital
33,000
302 C. El Makrezy, Withdrawals
16,000
401 Repair fees earned
90,950
612 Depreciation expense-Equipment
5,000
623 Wages expense
37,500
637 Insurance expense
800
640 Rent expense
10,600
650 Office supplies expense
3,600
690 Utilities expense
2,700
Totals
$\ 143,550
$\ 143,550
Required
1. Prepare an income statement and a statement of owner's equity for the year ended on 2015.
2. Prepare closing entries from the above trial balance.
3. Prepare a Balance Sheet as on December 31st, 2015