Question
Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, Metrix shows the following selected
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 Salaries expense 3,600 office supplies Rental revenue $2,100 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. Hint: Use the Retained Earnings account balance calculated in part 2. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 31 Prepare a March income statement for the business. METRIX Income Statement For Month Ended March 31 Revenues: Rental revenue Consulting revenue Prev 1 of 1 Next >
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