The partial work sheet of Midtown Repair Company at December 31, 2011, follows.

The partial work sheet of Midtown Repair Company at December 31, 2011, follows.

	Adjusted Trial Balance	Income Statement	Balance Sheet and Statement of Owner’s Equity
	Debit	Credit	Debit	Credit	Debit	Credit
Cash	95,600
Notes receivable (current)	50,000
Prepaid insurance	16,000
Prepaid rent	4,000
Equipment	170,000
Accumulated depreciation — Equipment		57,000
Accounts payable		52,000
Long-term notes payable		63,000
C. Trout, Capital		178,500
C. Trout, Withdrawals	30,000
Repair services revenue		180,800
Interest revenue		7,500
Depreciation expense—Equipment	28,500
Wages expense	85,000
Rent expense	48,000
Insurance expense	6,000
Interest expense	5,700
Totals	538,800	538,800

Required

1. Complete the work sheet by extending the adjusted trial balance totals to the appropriate financial statement columns.

2. Prepare closing entries for Midtown Repair Company.

3. Set up the Income Summary and the C. Trout, Capital account in the general ledger (in balance column format) and post the closing entries to these accounts.

4. Determine the balance of the C. Trout, Capital account to be reported on the December 31, 2011, balance sheet.

5. Prepare an income statement, statement of owner’s equity, and classified balance sheet (in report form) as of December 31, 2011.