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Maria Gomez owns and manages a consulting firm called Accel, which began operations on December 1. She asks us to assist some financial reporting
Maria Gomez owns and manages a consulting firm called Accel, which began operations on December 1. She asks us to assist some financial reporting questions. On December 31, we are provided with a Tableau Dashboard that includes selected accou amounts for the month of December. $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 -- Assets Liabilities Notes Payable Unearned Revenue $0 Common Stock Accounts Receivable Cash Equipment Notes Prepaid Supplies Receivable Insurance Dividends Accounts Payable Equity $9,200 $4,000 1. Prepare an income statement for the month ended December 31. 2. Prepare a statement of retained earnings for the month ended December 31. The retained earnings account balance at Dece was $0. Hint. Use the net income calculated in part 1. 3. Prepare a balance sheet as of December 31. Hint. Use the ending retained earnings balance calculated in part 2. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the month ended December 31. The retained earnings account balance at December 1 was $0. Hint: Use the net income calculated in part 1. ACCEL Statement of Retained Earnings For Month Ended December 31 Retained earnings, December 1 Add: Net income Less: Dividends $ 22,000 x 37,344 59,344 3,000 Retained earnings, December 31 $ 56,344
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