Metlock, Inc. was started on May 1. A summary of May transactions is presented as follows.1. Stockholders invested $ 13,500 cash in the business in exchange for common stock.2. Purchased equipment for $ 6,000 cash.3. Paid $ 400 cash for May office rent.4. Paid $ 600 cash for supplies.5. Incurred $ 350 of advertising costs in the Beacon News on account.6. Received $ 4,100 in cash from customers for repair service.7. Declared and paid a $ 1,400 cash dividend.8. Paid part-time employee salaries $ 1,100.9. Paid utility bills $ 130.10. Performed repair services worth $ 990 on account.11. Collected cash of $ 100 for services billed in transaction (10). Prepare a tabular analysis of the transactions. Revenue is called Service Revenue. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)Metlock, Inc. Assets Liabilities Stockholders' Equity Cash Accounts Supplies Equipment Accounts Common Retained Earnings + Receivable + + = Payable + Stock + Revenues - Expenses - Dividends1. $ Enter a dollar amount $ Enter a dollar amount $ Enter a dollar amount $ Enter a dollar amount $ Enter a dollar amount $ Enter a dollar amount $ Enter a dollar amount $ Enter a dollar amount $ Enter a dollar amount 2. Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount 3. Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount 4. Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount 5. Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount 6. Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount 7. Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount 8. Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount 9. Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount 10. Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount 11. Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount $ Enter a total amount $ Enter a total amount $ Enter a total amount $ Enter a total amount $ Enter a total amount $ Enter a total amount $ Enter a total amount $ Enter a total amount $ Enter a total amount eTextbook and MediaList of Accounts From an analysis of the Retained Earnings columns, compute the net income or net loss for May.Metlock, Inc.Income StatementChoose the accounting period Enter an income statement item $ Enter a dollar amount

Assets = Liabilities + Shareholders' Equity

Answered: Metlock, Inc. was started on May 1. A…

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

Metlock, Inc. was started on May 1. A summary of May transactions is presented as follows.

1.		Stockholders invested $ 13,500 cash in the business in exchange for common stock.
2.		Purchased equipment for $ 6,000 cash.
3.		Paid $ 400 cash for May office rent.
4.		Paid $ 600 cash for supplies.
5.		Incurred $ 350 of advertising costs in the Beacon News on account.
6.		Received $ 4,100 in cash from customers for repair service.
7.		Declared and paid a $ 1,400 cash dividend.
8.		Paid part-time employee salaries $ 1,100.
9.		Paid utility bills $ 130.
10.		Performed repair services worth $ 990 on account.
11.		Collected cash of $ 100 for services billed in transaction (10).

Prepare a tabular analysis of the transactions. Revenue is called Service Revenue. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)

Metlock, Inc.
	Assets		Liabilities		Stockholders' Equity
	Cash		Accounts		Supplies		Equipment		Accounts		Common		Retained Earnings
	+	Receivable	+	+	=	Payable	+	Stock	+	Revenues	-	Expenses	-	Dividends
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