Required information Use the following information for Exercises 16-18 below. (The following information applies to the questions displayed below.) Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following accounts and amounts for the month of August. Cash $25,410 C. Camry, withdrawals $ 6,050 Accounts receivable 22,420 Consulting fees carned 27,060 office supplies 5,320 Rent expense 9,610 Land 44,050 Salaries expense 5,650 office equipment 20,060 Telephone expense 940 Accounts payable 10,510 Miscellaneous expenses 560 Exercise 2-17 Preparing a statement of owner's equity LO P3 Use the above information to prepare an August statement of owner's equity for Help Today. The owner's capital account balance at July 31 was $0, and the owner invested $102,500 cash in the company on August 1. HELP TODAY Statement of Owner's Equity For Month Ended August 31 C. Camry, Capital, July 31 Add: Investment by owner Add: Net income 6,050 Less: Withdrawals by owner Less: Investment by owner C. Camry, Capital, August 31 $ -6,050 Exercise 2-15 Computing net income LO A1 A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the Assets $ 87,000 Liabilities $37,297 131,500 53, 258 year a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but withdrew $850 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $850 cash per month for personal use, and the owner invested an additional $35,000 cash. Determine net income or net loss for the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.) Beginning of the year- Equity Owner investments Withdrawals by owner Net income (loss) End of the year-Equity a. b. c. d. $ 49,703 $ 49,703 $ 49,703 $ 49,703 0 0 0 01 S 78.242 $ 78,242 S 78,242 $ 78,242 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 revenue Cash $ 5,000 3,200 13,000 8,400 Utilities expense Note payable recounts receivable A. Lopez, withdrawals 240 2,600 3,700 Office supplies $1,700 Rental revenue 700 Advertising 440 expense Prepaid 1,200 insurance Accounts payable 1,940 Note receivable 2,700 Rent expense 2,200 Unearned 340 revenue 2,200 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 $12,400 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 Required Required 1 2 3 Prepare a March statement of owner's equity. The owner's capital account balance at February 28 was $0, and the owner invested $12,400 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 revenue Cash $ 5,000 3,200 13,000 8,400 office supplies $1,700 Rental revenue 700 Advertising 440 expense Prepaid insurance 1,200 Accounts 1,940 payable Note receivable 2,700 Rent expense 2,200 Unearned 340 revenue 240 Utilities expense Note payable Nccounts receivable A. Lopez withdrawala 2,600 3,700 2,200 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 $12,400 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 Required Required 1 2 3 Prepare a March income statement for the business. METRIX Income Statement Required Required 2 > 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 revenue $ 5,000 3,200 13,000 Cash 8,400 240 Utilities expense Note payable Accounts receivable A. Lopez, withdrawals 2,600 office supplies $1,700 Rental revenue 700 Advertising 440 expense Prepaid 1,200 insurance Accounts 1,940 payable Note receivable 2,700 Rent expense 2,200 Unearned 340 revenue 3,700 2,200 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 $12,400 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. 1 2 3 Required Required Required Prepare a March 31 balance sheet. Hint: Use the owner's capital account balance calculated in part 2 METRIX Balance Sheet (Required 2 Required 3