Angela Lopez owns and manages a consulting firm called Metrix, which began operation 8 shows the following selected accounts and amounts for the month of December. Cash Accounts receivable Notes receivable Office supplies Prepaid insurance Equipment Accounts payable Notes payable Unearned revenue $ 10,000 4,500 3,500 2,500 2,000 9,000 4,500 3,400 500 Common stock Dividends Consulting revenue Rental revenue Salaries expense Rent expense Advertising expense Utilities expense $ 15,600 3,000 17,000 1,500 4,000 3,000 600 400 Required: 1. Prepare a December income statement for the business. 2. Prepare a December statement of retained earnings. The Retained Earnings account balance at December 1 was $0. 3. Prepare a December 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2.

Angela Lopez owns and manages a consulting firm called Metrix, which began operation 8 shows the following selected accounts and amounts for the month of December. Cash Accounts receivable Notes receivable Office supplies Prepaid insurance Equipment Accounts payable Notes payable Unearned revenue $ 10,000 4,500 3,500 2,500 2,000 9,000 4,500 3,400 500 Common stock Dividends Consulting revenue Rental revenue Salaries expense Rent expense Advertising expense Utilities expense $ 15,600 3,000 17,000 1,500 4,000 3,000 600 400 Required: 1. Prepare a December income statement for the business. 2. Prepare a December statement of retained earnings. The Retained Earnings account balance at December 1 was $0. 3. Prepare a December 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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