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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
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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Question 35
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 Common stock $ 12,800 Accounts receivable Notes receivable Office supplies Prepaid insurance Equipment Accounts payable Notes payable Unearned revenue Dividends 2,300 13,500 Consulting revenue Rental revenue Salaries expense 800 Rent expense Advertising expense Utilities expense 3,300 2,300 460 260 360 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 $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 1 Required 2 Required 3 Prepare a December 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2. METRIX Balance Sheet
Transcribed Image Text: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 Common stock $ 12,800 Accounts receivable Notes receivable Office supplies Prepaid insurance Equipment Accounts payable Notes payable Unearned revenue Dividends 2,300 13,500 Consulting revenue Rental revenue Salaries expense 800 Rent expense Advertising expense Utilities expense 3,300 2,300 460 260 360 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 $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 1 Required 2 Required 3 Prepare a December 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2. METRIX Balance Sheet
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