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.
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.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter18: Acquiring Capital For Growth And Development
Section: Chapter Questions
Problem 1AP
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Question
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 | $ | 7,000 | Office supplies | $ | 2,100 | |
Salaries expense | 3,600 | Rental revenue | 1,100 | |||
Consulting revenue | 15,000 | Advertising expense | 520 | |||
Cash | 9,200 | Prepaid insurance | 1,600 | |||
Utilities expense | 320 | Accounts payable | 3,220 | |||
Note payable | 3,000 | Note receivable | 3,100 | |||
Accounts receivable | 4,100 | Rent expense | 2,600 | |||
Common stock | 14,000 | Unearned revenue | 420 | |||
Dividends | 2,600 | |||||
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
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![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.
$ 7,000
3,600
15,000
9,200
$ 2,100
Equipment
Salaries expense
Consulting revenue
Cash
Utilities expense
Note payable
Office supplies
Rental revenue
Advertising expense
Prepaid insurance
Accounts payable
Note receivable
Rent expense
Unearned revenue
1,100
520
1,600
3,220
3,100
2,600
420
320
3,000
4,100
Accounts receivable
Common stock
Dividends
14,000
2,600
Requlred:
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.
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
15,000
Rental revenue
1,100
Total Revenues
16.100
Expenses:
Salaries expense
3,600
Utilities expense
320
Advertising expense
520
Rent expense
2,600
Total Expenses
7,040
Net income
9,060](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdc411795-9d96-4d39-b04b-2bce75e67fa9%2F95e9bd55-30d0-4931-8c9c-ae961ab18556%2Ffv6yxzc_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.
$ 7,000
3,600
15,000
9,200
$ 2,100
Equipment
Salaries expense
Consulting revenue
Cash
Utilities expense
Note payable
Office supplies
Rental revenue
Advertising expense
Prepaid insurance
Accounts payable
Note receivable
Rent expense
Unearned revenue
1,100
520
1,600
3,220
3,100
2,600
420
320
3,000
4,100
Accounts receivable
Common stock
Dividends
14,000
2,600
Requlred:
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.
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
15,000
Rental revenue
1,100
Total Revenues
16.100
Expenses:
Salaries expense
3,600
Utilities expense
320
Advertising expense
520
Rent expense
2,600
Total Expenses
7,040
Net income
9,060
![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.
$ 7,000
Office supplies
Rental revenue
Advertising expense
Prepaid insurance
Accounts payable
Note receivable
Rent expense
Unearned revenue
Equipment
Salaries expense
Consulting revenue
$2,100
3,600
15,000
9, 200
1,100
520
Cash
Utilities expense
Note payable
Accounts receivable
320
3,000
4,100
14,000
2,600
1,600
3,220
3,100
2,600
420
Common stock
Dividends
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.
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 so.
METRIX
Statement of Retained Earnings
For Month Ended March 31
Retained earnings, March 1
Add: Net income
9,060
9.060
Less: Dividends
Retained earnings, March 31
(2,600)
6,460
Required 1
Required 2
Required 3
Prepare a March 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2.
METRIX
Balance Sheet
As of March 31
Liabilities:
9.200 Accounts payable
4,100 Notes payable
2,100 Unearned revenue
Assets:
Cash
Accounts receivable
Office supplies
3,220
3,000
420
Equipment
Notes receivable
Prepaid insurance
7,000
3,100
6,640
1,600](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdc411795-9d96-4d39-b04b-2bce75e67fa9%2F95e9bd55-30d0-4931-8c9c-ae961ab18556%2F9yeizwmp_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.
$ 7,000
Office supplies
Rental revenue
Advertising expense
Prepaid insurance
Accounts payable
Note receivable
Rent expense
Unearned revenue
Equipment
Salaries expense
Consulting revenue
$2,100
3,600
15,000
9, 200
1,100
520
Cash
Utilities expense
Note payable
Accounts receivable
320
3,000
4,100
14,000
2,600
1,600
3,220
3,100
2,600
420
Common stock
Dividends
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.
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 so.
METRIX
Statement of Retained Earnings
For Month Ended March 31
Retained earnings, March 1
Add: Net income
9,060
9.060
Less: Dividends
Retained earnings, March 31
(2,600)
6,460
Required 1
Required 2
Required 3
Prepare a March 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2.
METRIX
Balance Sheet
As of March 31
Liabilities:
9.200 Accounts payable
4,100 Notes payable
2,100 Unearned revenue
Assets:
Cash
Accounts receivable
Office supplies
3,220
3,000
420
Equipment
Notes receivable
Prepaid insurance
7,000
3,100
6,640
1,600
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