Answer Happy

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 $ 11,800 A. Lopez, Capital 5,400 4,400 3,400 2,900 A. Lopez, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense 13,500 7,380 Advertising expense 4,300 Utilities expense 688 $ 19,200 3,900 21,500 2,400 4,900 3,900 780 588 Required: 1. Prepare a December income statement for the business. 2. Prepare a December statement of owner's equity. The A. Lopez, Capital account balance at December 1 was $0, and the owner invested $19,200 cash in the company on December 2. 3. Prepare a December 31 balance sheet. Hint: Use the A. Lopez, Capital account balance calculated in part 2.