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Tableau DA 2-3: Mini-Case, Preparing an income statement, statement of retained earnings, and balance sheet LO P3

Maria Gomez owns and manages a consulting firm called Accel, which began operations on December 1. She asks us to assist her with some financial reporting questions. On December 31, we are provided with a Tableau Dashboard that includes selected accounts and amounts for the month of December. Another half of this part

Advertising expense is $2,800 Rent Expense is $4,000 Salaries Expense is $6,000 Utilities Expense is $2,400 Consulting Revenue is $34,000 and Rental Revenu is $7,000

1. Prepare an income statement for the month ended December 31. 2. Prepare a statement of retained earnings for the month ended December 31. The retained earnings account balance at December 1 was $0. Hint: Use the net income calculated in part 1. 3. Prepare a balance sheet as of December 31. Hint: Use the ending retained earnings balance calculated in part 2.

Prepare an income statement for the month ended December 31.

options for the left column

OPtions for the left column

OPtions are the same for 1st and 3rd columns

Assets Liabilities $14,000 $12,000 -- Notes Payable Unearned Revenue $10,000 $8,000 -- $6,000 -- $4,000 -- Accounts Payable Notes Payable Unearned Revenue $10,000 ------ ----------- ------------ ----- $8,000 $6,000 $4,000 -- Accounts Payable $2,000 Equity Common Stock $9,200 Cash Supplies Accounts Receivable Equipment Notes Prepaid Receivable Insurance Dividends $4,000 Advertising Expense Rent Expense Salaries Expense Utilities Expense Revenues Consulting Revenue Rental Revenue ACCEL Income Statement ACCEL Income Statement Accounts payable Accounts receivable Advertising expense Cash Required 1 Required 2. Required 3 Prepare a statement of retained earnings for the month ended December 31. The retained earnings account balance at December 1 was $0. Hint: Use the net income calculated in part 1. ACCEL Statement of Retained Earnings sta Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the month ended December 31. The retained earnings account balance at December 1 was $0. Hint: Use the net income calculated in part 1. ACCEL Statement of Retained Earnings Accounts payable Accounts receivable Cash Equipment Prepare a balance sheet as of December 31. Hint: Use the ending retained earnings balance calculated in part 2. ACCEL Balance Sheet Prepare a balance sheet as of December 31. Hint: Use the ending retained earnings balance calculated in part 2. ACCEL Balance Sheet Accounts payable Accounts receivable Advertising expense Cash

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