Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

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 Required: $ 8,800 A. Lopez, Capital $ 13,200 3,900 A. Lopez, Withdrawals 2,400 2,900 Consulting revenue 14,000 1,900 Rental revenue 900 1,400 Salaries expense 3,400 6,000 Rent expense 2,400 2,580 Advertising expense 2,800 Utilities expense 480 280 380 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 $13,200 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 income statement for the business. METRIX Income Statement < Prev 8 of 8 Next Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a December income statement for the business. METRIX Income Statement 0 Mout 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 $13,200 cash in the company on December 2. METRIX Statement of Owner's Equity A. Lopez, Capital, December 1 $ 0 $ 0 < Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a December 31 balance sheet. Hint: Use the A. Lopez, Capital account balance calculated in part 2. METRIX Balance Sheet $ 0 $ 0 $ 0 < Required 2 Required 3

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Futures and Options Markets

Authors: John C. Hull

8th edition

978-1292155036, 1292155035, 132993341, 978-0132993340

More Books

Students also viewed these Finance questions

Question

Do you prefer to schedule your classes in the morning? Yes No

Answered: 1 week ago

Question

, : not ? ? ? v v ; ? ? ? , v v ; not ? ? ? ; ? ? ? , v v ;

Answered: 1 week ago