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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
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. Common stock Dividends Cashi Accounts receivable $8,800 3,900 Notes receivable 2,900 Consulting revenue office supplies 1,900 Rental revenue Prepaid insurance 1,400 Salaries expense Equipment 6,000 Rent expense Accounts payable 2,580 Advertising expense Notes payable 2,800 Utilities expense Unearned revenue 380 $ 13,200 2,400 14,000 900 3,400 2,400 480 280 Required: 1. Prepare a December income statement for the business. 2. Prepare a December statement of retained earnings. The Retained Earnings account balance at December 1 was $0. 3. Prepare a December 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 Reqed 2 Required 3 Prepare a December income statement for the business.. METRIX Income Statement Required 1 Required 2>
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