What am I MISSING??????
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 $12,500 4,700 20,500 11,400 540 4,100 5,200 18,400 3,700 Office supplies Rental revenue Advertising expense Prepaid insurance Accounts payable Note receivable Rent expense Unearned revenue $3,200 2,200 740 2,700 6,740 4,200 3,700 640 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. X Answer is not complete. 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 For Month Ended March 31 Revenues: $ Consulting revenue Rental revenue 20,500 2,200 $ 22,700 $ Total Revenues Expenses: Salaries expense Utilities expense Advertising expense Rent expense 4,700 540 740 3,700 Total Expenses Net income 9,680 13,020 $ 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 $12,500 4,700 20,500 11,400 540 4,100 5, 200 18,400 3,700 Office supplies Rental revenue Advertising expense Prepaid insurance Accounts payable Note receivable Rent expense Unearned revenue $3,200 2,200 740 2,700 6,740 4,200 3,700 640 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a March statement of retained earnings. The Retained Earnings account balance at March 1 was $0. METRIX Statement of Retained Earnings For Month Ended March 31 Retained earnings, March 1 $ Add: Net income 0 13,020 13,020 Less: Dividends Retained earnings, March 31 (3,700) 9,320 $ 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. $3,200 2,200 740 Equipment Salaries expense Consulting revenue Cash Utilities expense Note payable Accounts receivable Common stock Dividends $12,500 4,700 20,500 11,400 540 4,100 5,200 18,400 3,700 Office supplies Rental revenue Advertising expense Prepaid insurance Accounts payable Note receivable Rent expense Unearned revenue 2,700 6,740 4,200 3,700 640 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a March 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2. $ Assets: Cash Accounts receivable Office supplies Equipment Notes receivable Prepaid insurance 6,740 4,100 640 METRIX Balance Sheet As of March 31 Liabilities: 11,400 Accounts payable 5,200 Notes payable 3,200 Unearned revenue 12,500 4,200 Total Liabilities 2,700 Equity: Common stock Retained earnings Total equity 39,200 Total Liabilities and Equity $ 11,480 18,400 9,320 27,720 39,200 $ $
