Problem 2-7A Preparing an income statement, statement of owner's equity, and balance sheet. LO P3 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 revenidae Cash Utilities expense Note payable Accounts receivable Lopez, Withdrawals '$ 9,500 4100 17,500 10, 200 420 3,500 4.600 3, 100 Office supplies Rental revenue Advertising expense Prepaid insurance Accounts payable Note receivable Rent expense Unearned revenue $ 2,600 1,600 620 2, 100 4, 820 3,600 3.100 520 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 $16,000 cash in the company on March 1 3. Prepare a March 31 balance sheet. Hint: Use the owner's capital account balance calculated in part 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a March income statement for the business, METRIX Income Statement Problem 2-7A Preparing an income statement, statement of owner's equity, and balance sheet. LO P3 Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, the company's records show the following accounts and amounts for the month of March Equipent Salaries expense Consulting revenue Cash Utilities expense Note payable Accounts receivable A Lopes, withdrawals '$ 9,500 4,100 17,500 10, 200 420 3,500 4,600 3,100 Office supplies Rental revenue Advertising expense Prepaid insurance Accounts payable Note receivable Rent expense Unearned revenue $ 2,600 1.600 620 2.100 4, 820 3,600 3, 100 520 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 $16,000 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 $16,000 cash in the company on March 1. METRIX Statement of Owner's Equity Problem 2-7A Preparing an income statement, statement of owner's equity, and balance sheet. LO P3 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 revenge Cash Utilities expense Note payable accounts receivable A. Lopes, withdrawals 'S 9,500 4.100 17,500 10, 200 420 3,500 4,600 3.100 office supplies Rental revenue Advertising expense Prepaid insurance Accounts payable Note receivable Rent expense Unearned revenue $ 2,600 1,600 620 2,100 4820 3,600 3,100 520 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 $16,000 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 Prepare a March 31 balance sheet. Hint: Use the owner's capital account balance calculated in part 2 METRIX Balance Sheet
