Book Print erences Notes receivable Angela Lopez owns and manages a consulting firm called Metrix, which...

Transcribed Image Text:

Book Print erences Notes receivable 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. A. Lopez, Capital $ 16,400 3,200 18,000 $10,400 4,700 A. Lopez, Withdrawals 3,700 Consulting avenue 2,700 Rental revenue Prepaid insurance Equipment 2,200 Salaries expense 1,700 4,200 10,000 Rent expense Accounts payable 5,140 Advertising expense Notes payable 3,600 Utilities expense 3,200 640 440 Unearned revenue 540 office supplies 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 $16,400 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. Book Print erences Notes receivable 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. A. Lopez, Capital $ 16,400 3,200 18,000 $10,400 4,700 A. Lopez, Withdrawals 3,700 Consulting avenue 2,700 Rental revenue Prepaid insurance Equipment 2,200 Salaries expense 1,700 4,200 10,000 Rent expense Accounts payable 5,140 Advertising expense Notes payable 3,600 Utilities expense 3,200 640 440 Unearned revenue 540 office supplies 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 $16,400 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.