Problem 2-7A Preparing an income statement, statement of owner's equity, and balance sheet. LO P3...
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Problem 2-7A Preparing an income statement, statement of owner's equity, and balance sheet. LO P3 Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, the company's records show the following accounts and amounts for the month of March Equipment $ 5,000 Salaries expense 3,200 Consulting revenue 13,000 Cash 8, 400 utilities expense 240 Note payable 2,600 Accounts receivable 3,700 A. Lopez, 2,200 withdrawala Office supplies $1,700 Rental revenue 700 Advertising 440 expense Prepaid insurance 1,200 Accounts 1,940 payable Note receivable 2,700 Rent expense 2,200 Unearned revenue 340 Required: 1. Prepare a March income statement for the business. 2. Prepare a March statement of owner's equity. The owner's capital account balance at February 28 was $0, and the owner invested $12,400 cash in the company on March 1. 3. Prepare a March 31 balance sheet. Hint: Use the owner's capital account balance calculated in part 2. Complete this question by entering your answers in the tabs below. Required Required Required 2 3 Prepare a March income statement for the business. METRIX Income Statement
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