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 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 $ 8,000 A. Lopez, Capital A. Lopez, Withdrawals 3,500 2,500 Consulting revenue 1,500 1,000 4,000 1,300 2,400 300 Required 1 Required 2 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. Required 3 Rental revenue Salaries expense Rent expense Complete this question by entering your answers in the tabs below. Advertising expense Utilities expense METRIX Income Statement Prepare a December income statement for the business. $ 11,600 2,000 12,000 500 3,000 2,000 400 200 Answer is not complete.
image 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. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare a December income statement for the business

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_2

Step: 3

blur-text-image_3

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

Principles Of Auditing And Other Assurance Services

Authors: Ray Whittington, Kurt Pany

17th Edition

0077304454, 978-0077304454

More Books

Students also viewed these Accounting questions