90.2K

Verified Solution

Link Copied!

Tableau DA 2-3: Mini-Case, Preparing an income statement, statement of retalned earnings, and balance sheet LO P1 (similar to EX 2-25, 2-26, 2-27] 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 Assets Liabilities $14,000 $12.000 Notes Payable Unearnerovnu $10,000 58,000 $6,000 Accounts Payable $4,000 $2.000 Equity 59.200 so Common Stock Dividends Cash Equipment Supplies $4,000 Accounts Rectable Notes Prepaid Receivable insurance Expenses Utilisanta Revenues Consulting Revenue Rental Revenue tableau 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 50. Mint Use the net income calculated in part 1 2. Prepare a balance sheet as of December 31. Hint. Use the ending retained earnings balance calculated in part 2 Complete this question by entering vour answers in the rahe hain Complete this question by entering your answers in the tabs belo Required 1 Required 2 Required 3 Prepare an Income statement for the month ended December 31. ACCEL Income Statement - 34,000 7.000 $ $ 41.000 Consulting revenue Rental revenue Total Revenues Expenses: Salaries expense Advertising expense Rent expense Utilities expense 6.000 2,800 4,000 2,400 Total Expenses Net income 15.200 25,800 $ Req tableau 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 2. Prepare a balance sheet as of December 31. Hint Use the ending retained earnings balance calculated in part 2 Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Prepare a statement of retained earnings for the month ended December 31. The retained samnings account balance at December 1 was 50. Hint: Use the net income calculated to part 1. ACCEL Statement of Retained Earnings For Month Ended December 31 0 Add Net income 25,800 25,800 4.000 Less: Dividends 21.800

Answer & Explanation Solved by verified expert

See Answer