Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, Metrix shows the following selected accounts and amounts for the month of March. Equipment$7,000 Office supplies$2,100Salaries expense 3,600 Rental revenue 1,100Consulting revenue 15,000 Advertising expense 520Cash 9,200 Prepaid insurance 1,600Utilities expense 320 Accounts payable 3,220Note payable 3,000 Note receivable 3,100Accounts receivable 4,100 Rent expense 2,600Common stock 14,000 Unearned revenue 420Dividends 2,600 Required:1. Prepare a March income statement for the business.2. Prepare a March statement of retained earnings. The Retained Earnings account balance at March 1 was $0.3. Prepare a March 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2. PLEAS SEE PICTURES !!!!!!!!!!!!!!!! I don't know what I'm missing Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, Metrix shows thefollowing selected accounts and amounts for the month of March.$ 7,0003,60015,0009,200$ 2,100EquipmentSalaries expenseConsulting revenueCashUtilities expenseNote payableOffice suppliesRental revenueAdvertising expensePrepaid insuranceAccounts payableNote receivableRent expenseUnearned revenue1,1005201,6003,2203,1002,6004203203,0004,100Accounts receivableCommon stockDividends14,0002,600Requlred:1. Prepare a March income statement for the business2. Prepare a March statement of retained earnings. The Retained Earnings account balance at March 1 was $0.3. Prepare a March 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2.Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Prepare a March income statement for the business.METRIXIncome StatementFor Month Ended March 31Revenues:Consulting revenue15,000Rental revenue1,100Total Revenues16.100Expenses:Salaries expense3,600Utilities expense320Advertising expense520Rent expense2,600Total Expenses7,040Net income9,060 Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, Metrix shows thefollowing selected accounts and amounts for the month of March.$ 7,000Office suppliesRental revenueAdvertising expensePrepaid insuranceAccounts payableNote receivableRent expenseUnearned revenueEquipmentSalaries expenseConsulting revenue$2,1003,60015,0009, 2001,100520CashUtilities expenseNote payableAccounts receivable3203,0004,10014,0002,6001,6003,2203,1002,600420Common stockDividendsRequired:1. Prepare a March Income statement for the business.2. Prepare a March statement of retained earnings. The Retained Earnings account balance at March 1 was $0.3. Prepare a March 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 March statement of retained earnings. The Retained Earnings account balance at March 1 was so.METRIXStatement of Retained EarningsFor Month Ended March 31Retained earnings, March 1Add: Net income9,0609.060Less: DividendsRetained earnings, March 31(2,600)6,460Required 1Required 2Required 3Prepare a March 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2.METRIXBalance SheetAs of March 31Liabilities:9.200 Accounts payable4,100 Notes payable2,100 Unearned revenueAssets:CashAccounts receivableOffice supplies3,2203,000420EquipmentNotes receivablePrepaid insurance7,0003,1006,6401,600

Name: Angela Lopez owns and manages a consulting firm called Metrix, which b
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Description: Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, Metrix shows the following selected accounts and amounts for the month of March. Equipment$7,000 Office supplies$2,100Salaries expen

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Answered: Required: 1. Prepare a March income…

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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Equipment	$	7,000	Office supplies	$	2,100
Salaries expense		3,600	Rental revenue		1,100
Consulting revenue		15,000	Advertising expense		520
Cash		9,200	Prepaid insurance		1,600
Utilities expense		320	Accounts payable		3,220
Note payable		3,000	Note receivable		3,100
Accounts receivable		4,100	Rent expense		2,600
Common stock		14,000	Unearned revenue		420
Dividends		2,600

Required: 1. Prepare a March income statement for the business. 2. Prepare a March statement of retained earnings. The Retained Earnings account balance at March 1 was $0. 3. Prepare a March 31 balance sheet.