1. Prepare a December income statement for the business.2. Prepare a December statement of owner's equity. The A. Lopez, Capital account balance at December 1 was $0, and the ownerinvested $14,800 cash in the company on December 2.3. Prepare a December 31 balance sheet. Hint: Use the A. Lopez, Capital account balance calculated in part 2.Complete this question by entering your answers in the tabs below.Required 1 Required 2Required 3Prepare a December income statement for the business.METRIXIncome Statement Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1. On December 31, Metrixshows the following selected accounts and amounts for the month of December.CashAccounts receivableNotes receivableOffice suppliesPrepaid insuranceEquipmentAccounts payableNotes payableUnearned revenue$ 9,6004,3003,3002,3001,8008,0003,8603,200460Required 1 Required 2Required 3A. Lopez, CapitalA. Lopez, WithdrawalsConsulting revenueRequired:1. Prepare a December income statement for the business.2. Prepare a December statement of owner's equity. The A. Lopez, Capital account balance at December 1 was $0, and the ownerinvested $14,800 cash in the company on December 2.3. Prepare a December 31 balance sheet. Hint: Use the A. Lopez, Capital account balance calculated in part 2.Complete this question by entering your answers in the tabs below.Rental revenueSalaries expenseRent expenseMETRIXAdvertising expenseUtilities expenseIncome StatementPrepare a December income statement for the business.$ 14,8002,80016,0001,3003,8002,800560360

Name: 1. Prepare a December income statement for the business.2. Prepare a
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 1. Prepare a December income statement for the business.2. Prepare a December statement of owner's equity. The A. Lopez, Capital account balance at December 1 was $0, and the ownerinvested $14,800 cash in the company on December 2.3. Prepare a Decem

Income Statement -The income statement shows a company's financial performance over a certain time…

Business

Accounting

Prepare a December Income statement for the business. Prepare a December statement of owner's equity. The A. Lopez, Capital account balance at December 1 was $0, and the owne invested $14,800 cash in the company on December 2. Prepare a December 31 balance sheet. Hint: Use the A. Lopez, Capital account balance calculated in part 2. mplete this question by entering your answers in the tabs below.

Prepare a December Income statement for the business. Prepare a December statement of owner's equity. The A. Lopez, Capital account balance at December 1 was $0, and the owne invested $14,800 cash in the company on December 2. Prepare a December 31 balance sheet. Hint: Use the A. Lopez, Capital account balance calculated in part 2. mplete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Select whether each of the following would appear on the income statement, statement of owner's equity, or balance sheet. If an item may appear on more than one statement, choose the option that indicates all possible statements. The first item is provided as an example. Item Classification 0. Example: The total liabilities of the business at the end of the year. Balance Sheet a. The amount of the owner's Capital balance at the end of the year. b. The amount of depreciation expense on equipment during the year. c. The amount of the company's net income for the year. d. The book value of the equipment. e. Total insurance expired during the year. f. Total accounts receivable at the end of the year. g. Total withdrawals by the owner. h. The cost of utilities used during the year. i. The amount of the owner's Capital balance at the beginning of the year.
Record the following selected transactions for April.
The following accounts and balances were drawn from the records of Barker Company at December 31, Year 2: Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued Complete this question by entering your answers in the tabs below. Income Statement Stmt of Changes Use the accounts and balances from Barker Company to construct balance sheet. Assets Total assets Liabilities Required Use the accounts and balances from Barker Company to construct an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows (show only totals for each activity on the statement of cash flows). $ 660 Beginning retained earnings (7,700) Cash flow from financing act. 2,400 Rent expense 77,000 Dividends 44,000 Cash Accounts receivable. Prepaid rent Unearned revenue 7,700 Land 5,900 Accounts payable Balance Sheet BARKER…
Below are the account balances for Cowboy Law Firm at the end of December. Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Expenses: Balances $ 4,200 1,600 2,200 Total expenses 4,400 1,100 Required: Use only the appropriate accounts to prepare an income statement. 12,600 8,100 4,800 COWBOY LAW FIRM Income Statement For the Period Ended December 31
b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 3. Complete this question by entering your answers in the tabs below. Reg B Inc Reg B Bal Sheet Req B Stmt Req B Stmt SE Stmt Cash Flows Prepare an income statement for Year 3. (Enter all final answers in whole dollars.) LITTLE GROCERY SUPPLIER (LGS) Income Statement For the Year Ended December 31, Year 3 Expenses Total expenses Operating income
The account balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or dividends by Awesome Travel Services during the year. Accounts Amount Accounts Amount Accounts payable $12,000 Retained earnings (Jan. 1) $6,000 Accounts receivable 14,000 Supplies 1,000 Cash 18,000 Income taxes expense 1,300 Common stock 4,000 Utilities expense 8,000 Computer equipment 21,000 Wages expense 25,000 Fees earned 78,000 Supplies expense 1,700 Rent expense 10,000 Required: Prepare an income statement, a statement of stockholder's equity, and a balance sheet as of December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the financial statements. Be sure to complete the statement heading.
Below are the account balances for Cowboy Law Firm at the end of December. Balances $ 4,300 1,650 Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Expenses: Required: Use only the appropriate accounts to prepare an income statement. 2,300 4,250 1,000 12,700 8,200 4,900 COWBOY LAW FIRM Income Statement For the Period Ended December 31 Total expenses
prepare the owner’s equity statement for the year. ORIOLE COMPANYOwner’s Equity Statementchoose the accounting period select an opening name $enter a dollar amount select between addition and deduction : select an item enter a dollar amount select a closing name $enter a total amount
The following transactions were made during the first month (January 2022) of Mr. X Carwash's (sole proprietor) business operation:REQUIRED:a) an Income Statement for January 2022b) Balance Sheet as of January 31, 2022.
Subject - account Please help me. Thankyou.
Prepare an income statement, owners equity statement, and a balance sheet
In alphabetical order below are balance sheet items for Robinson Company at December 31, 2022. Sandra Robinson is the owner of Robinson Company. Accounts payable Accounts receivable Cash Owner's capital Total Assets Liabilities $94,600 Prepare a balance sheet. (List Assets in order of liquidity.) Owner's Equity 72,400 45,700 23,500 ROBINSON COMPANY Balance Sheet For the Year Ended December 31, 2022 Assets Liabilities and Owner's Equity Total Liabilities and Owner's Equity $ $ $ 118,100 94,600 23,500 118,100