Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 Accounts receivable Notes receivable Office supplies Prepaid insurance Equipment Accounts payable Notes payable Unearned revenue $ 10,600 A. Lopez, Capital 4,800 A. Lopez, Withdrawals 3,800 2,800 Rental revenue $ 16,800 3,300 Consulting revenue 18,500 1,800 2,300 Salaries expense 4,300 10,500 Rent expense 3,300 5,460 Advertising expense 660 3,700 Utilities expense 460 560 Required: 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 owner invested $16,800 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 2 Required 3 Prepare a December statement of owner's equity. The A. Lopez, Capital account balance at December 1 was $0, and the owner invested $16,800 cash in the company on December 2. METRIX Statement of Owner's Equity A. Lopez, Capital, December 1 $ 0 0 $ 0 < Required 1 Required 3 >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started