Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please show work ! read carefully Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31,

please show work ! read carefully image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, Metrix shows the following selected accounts and amounts for the month of March. Equipment Salaries expense Consulting revenue Cash Utilities expense Note payable Accounts receivable Common stock Dividends $ 6,500 3,500 14,500 9,000 300 2,900 4,000 13,600 2,500 Office supplies Rental revenue Advertising expense Prepaid insurance Accounts payable Note receivable Rent expense Unearned revenue $2,000 1,000 500 1,500 2,900 3,000 2,500 400 ces Required: 1. Prepare a March income statement for the business. 2. Prepare a March statement of retained earnings. The Retained Earnings account balance at March 1 was $0. 3. Prepare a March 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2 Prepare a March income statement for the business. METRIX Income Statement 0 Prepare a March statement of retained earnings. The Retained Earnings account balance at March 1 was $0. METRIX Statement of Retained Earnings 0 $ 0 Prepare a March 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2 METRIX Balance Sheet $ 0 Total equity 0 $ 0

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

Guide To The Study Of Auditing 1914

Authors: Samuel F. Racine

1st Edition

0266614493, 978-0266614494

More Books

Students also viewed these Accounting questions

Question

Draw a picture consisting parts of monocot leaf

Answered: 1 week ago