What is the amount for net income and retained earnings?

Problem 2-7A (Algo) Preparing an income statement, statement of retained earnings, and balance sheet LO P1 Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1. On December 31, Metrix shows the following selected accounts and amounts for the month of December. Cash Accounts receivable Notes receivable Office supplies Prepaid insurance Equipment Accounts payable Notes payable Unearned revenue $ 11,200 5,100 4,100 3,100 2,600 12,000 6,420 4,000 620 Common stock Dividends Consulting revenue Rental revenue Salaries expense Rent expense Advertising expense Utilities expense $ 18,000 3,600 20,000 2,100 4,600 3,600 720 520 Required: 1. Prepare a December income statement for the business. 2. Prepare a December statement of retained earnings. The Retained Earnings account balance at December 1 was $0. 3. Prepare a December 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2. Prepare a December income statement for the business. METRIX Income Statement For Month Ended December 31 Revenues: Consulting revenue $ 20,000 Rental revenue 2,100 Total Revenues $ 22,100 Expenses: Salaries expense $ 4,600 Utilities expense 520 Advertising expense 720 Rent expense 3,600 Total Expenses 9,440 $ 12,660 Net income Required 1 Required 2 Prepare a December statement of retained earnings. The Retained Earnings account balance at December 1 was $0. METRIX Statement of Retained Earnings $ 0 Retained earnings, December 1 Add: Net income 13,020 13,020 Less: Dividends (3,600) 9,420 Retained earnings, December 31 $ Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a December 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2. METRIX Balance Sheet Assets: Cash $ $ 6,420 4,000 As of December 31 Liabilities: 11,200 Accounts payable 5,100 Notes payable 3,100 Unearned revenue 12,000 4,100 Total Liabilities 2,600 OOOOO Accounts receivable Office supplies Equipment Notes receivable Prepaid insurance 620 $ 11,040 Equity: Common stock Retained earnings Total Equity Total Liabilities and Equity 18,000 11,040 X 29,040 40,080 $ 38,100 $