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Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, the company's records show the following
Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, the company's records show the following accounts and amounts for the month of March. Equipment Salaries expense Consulting revenue Cash Utilities expense Note payable Accounts receivable A. Lopez, Withdrawals $ 9,000 4,000 17,000 10,000 400 3,400 4,500 3,000 Office supplies Rental revenue Advertising expense Prepaid insurance Accounts payable Note receivable Rent expense Unearned revenue $2,500 1,500 600 2,000 4,500 3,500 3,000 500 Required: 1. Prepare a March income statement for the business. 2. Prepare a March statement of owner's equity. The owner's capital account balance at February 28 was $0, and the owner invested $15,600 cash in the company on March 1. 3. Prepare a March 31 balance sheet. Hint: Use the owner's capital account balance calculated in part 2
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