Question 35 Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1. On December 31, Metrixshows the following selected accounts and amounts for the month of December.Cash$ 8,6003,8002,8001,8001,3005,5002,2602,700Common stock$ 12,800Accounts receivableNotes receivableOffice suppliesPrepaid insuranceEquipmentAccounts payableNotes payableUnearned revenueDividends2,30013,500Consulting revenueRental revenueSalaries expense800Rent expenseAdvertising expenseUtilities expense3,3002,300460260360Required: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 $O.3. Prepare a December 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2.Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Prepare a December 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2.METRIXBalance Sheet

Financial Statement - Financial Statements of the company includes - 1. Income Statement 2.…

Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1. On December 31, Metrix shows the following selected accounts and amounts for the month of December. Cash $ 8,600 3,800 2,800 1,800 1,300 5,500 2,260 2,700 360 Common stock Dividends Accounts receivable Notes receivable Office supplies Prepaid insurance Equipment Accounts payable Notes payable Unearned revenue $ 12,800 2,300 13,500 800 3,300 Consulting revenue Rental revenue Salaries expense Rent expense Advertising expense Utilities expense 2,300 460 260 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 operations on December 1. On December 31, Metrix shows the following selected accounts and amounts for the month of December. Cash $ 8,600 3,800 2,800 1,800 1,300 5,500 2,260 2,700 360 Common stock Dividends Accounts receivable Notes receivable Office supplies Prepaid insurance Equipment Accounts payable Notes payable Unearned revenue $ 12,800 2,300 13,500 800 3,300 Consulting revenue Rental revenue Salaries expense Rent expense Advertising expense Utilities expense 2,300 460 260 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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