Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1....
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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 $ 8,000 A. Lopez, Capital $ 11,600 Accounts receivable 3,500 A. Lopez, Withdrawals 2,000 Notes receivable 2,500 Consulting revenue 12,000 Office supplies 1,500 Rental revenue 500 Prepaid insurance 1,000 Salaries expense 3,000 Equipment 4,000 Rent expense 2,000 Accounts payable 1,300 Advertising expense 400 Notes payable 2,400 Utilities expense 200 Unearned revenue 300 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 $11,600 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. 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 $ 8,000 A. Lopez, Capital $ 11,600 Accounts receivable 3,500 A. Lopez, Withdrawals 2,000 Notes receivable 2,500 Consulting revenue 12,000 Office supplies 1,500 Rental revenue 500 Prepaid insurance 1,000 Salaries expense 3,000 Equipment 4,000 Rent expense 2,000 Accounts payable 1,300 Advertising expense 400 Notes payable 2,400 Utilities expense 200 Unearned revenue 300 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 $11,600 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.
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