Business, 08.02.2021 20:20 dabizgaming7575

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. Equipment $ 11,500 Office supplies $ 3,000 Salaries expense 4,500 Rental revenue 2,000 Consulting revenue 19,500 Advertising expense 700 Cash 11,000 Prepaid insurance 2,500 Utilities expense 500 Accounts payable 6,100 Note payable 3,900 Note receivable 4,000 Accounts receivable 5,000 Rent expense 3,500 Common stock 17,600 Unearned revenue 600 Dividends 3,500 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, and the owner invested $17,600 cash in the company on December 2 in exchange for common stock. 3. Prepare a December 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2.

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Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1....