Maria Gomez owns and manages a consulting firm called Accel, which began operations on December 1. She asks us to assist her with some financial reporting questions. On December 31, we are provided with a Tableau Dashboard that includes selected accounts and amounts for the month of December. Assets Liabilities $14,000 $12,000 Notes Payable Unearned Revenue $10,000 $8,000 $6,000 $4,000 Accounts Payable $2,000 Equity $0 Common Stock $9,200 Cash Equipment Supplies Accounts Receivable Notes Prepaid Receivable Insurance Dividends $4,000 Expenses Advertising Expense Rent Expense Salaries Expense Utilities Expense Revenues Consulting Revenue Rental Revenue # tableau E T 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 December 1 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. ACCEL Income Statement 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 Prepare a balance sheet as of December 31. Hint: Use the ending retained earnings balance calculated in part 2. ACCEL Balance Sheet Maria Gomez owns and manages a consulting firm called Accel, which began operations on December 1. She asks us to assist her with some financial reporting questions. On December 31, we are provided with a Tableau Dashboard that includes selected accounts and amounts for the month of December. Assets Liabilities $14,000 $12,000 Notes Payable Unearned Revenue $10,000 $8,000 $6,000 $4,000 Accounts Payable $2,000 Equity $0 Common Stock $9,200 Cash Equipment Supplies Accounts Receivable Notes Prepaid Receivable Insurance Dividends $4,000 Expenses Advertising Expense Rent Expense Salaries Expense Utilities Expense Revenues Consulting Revenue Rental Revenue # tableau E T 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 December 1 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. ACCEL Income Statement 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 Prepare a balance sheet as of December 31. Hint: Use the ending retained earnings balance calculated in part 2. ACCEL Balance Sheet
