merline.de X IWU-National & Global Studen x 121. 1.5 Connect: Exercises and Pro X Question 7 - 1.5 Connect: Exer x zto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%2... ( * * I M : nect: Exercises and Problems i Save Help Save & Exit Submit Check my work Problem 2-7A (Static) Preparing an income statement, statement of retained earnings, and balance sheet LO P1 Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1. On December 31, Metrix ed shows the following selected accounts and amounts for the month of December. Cash $ 8, 000 Common stock 11, 600 Accounts receivable 3, 500 Dividends 2, 000 Notes receivable 2, 500 Consulting revenue 12,000 Office supplies 1, 500 Rental revenue 500 Prepaid insurance 1, 000 Salaries expense 3 , 000 Equipment 4, 000 Rent expense 2,000 Accounts payable 1 , 300 Advertising expense 400 Notes payable 2, 400 Utilities expense 200 Unearned revenue 300 Required: 1. Prepare a December income statement for the business. nces 2. Prepare a December statement of retained earnings. The Retained Earnings account balance at December 1 was $0. 3. Prepare a December 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 December income statement for the business. METRIX Income Statement