Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I am not sure what exactly I am missing for required 1 and 2. Also how do I set up Required 3. Angela Lopez owns
I am not sure what exactly I am missing for required 1 and 2. Also how do I set up Required 3.
Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1 On March 31, the company's records show the following accounts and amounts for the month of March Equipment Salaries expense Consulting revenue Cash Utilities expense Note payable Accounts receivable A. Lopez, Withdrawals $ 4,000 3,000 12,000 8,000 200 2,400 3,500 2,000 office supplies Rental revenue Advertising expense Prepaid insurance Accounts payable Note receivable Rent expense Unearned revenue $1,500 500 400 1,000 1,300 2,500 2.000 300 Required: 1. Prepare a March income statement for the business 2. Prepare a March statement of owner's equity. The owner's capital account balance at February 28 was $0, and the owner invested $11,600 cash in the company on March 1 3. Prepare a March 31 balance sheet. Hint Use the owner's capital account balance calculated in part 2 ces Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a March income statement for the business. METRIX Income Statement For Month Ended March 31 Revenues Consulting revenue Rental revenue $ 12,000 500 Total Revenues $ 12.500 $ Expenses Salaries expense Utilities expense Advertising expense Rent expense 3,000 200 400 2,000 Required: 1. Prepare a March income statement for the business. 2. Prepare a March statement of owner's equity. The owner's capital account balance at February 28 was $0, and the owner invested $11,600 cash in the company on March 1. 3. Prepare a March 31 balance sheet. Hint: Use the owner's 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 March statement of owner's equity. The owner's capital account balance at February 28 was $0, and the owner invested $11,600 cash in the company on March 1. METRIX Statement of Owner's Equity For Month Ended March 31 A. Lopez, Capital, February 28 $ Add: Net income 0 6,900 Less: Withdrawals by owner 6,900 2,000 A Lopez, Capital, March 31 $ 4,900 Required: 1. Prepare a March income statement for the business. 2. Prepare a March statement of owner's equity. The owner's capital account balance at February 28 was $0, and the owner invested $11,600 cash in the company on March 1 3. Prepare a March 31 balance sheet. Hint: Use the owner's 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 March 31 balance sheet. Hint: Use the owner's capital account balance calculated in part 2. METRIX Balance Sheet $ 0 9 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started