Required information Use the following information for Exercises 25-27 below. (Algo) [The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company's records show the following selected accounts and amounts for the month of December. Exercise 2-26 (Algo) Preparing a statement of retained earnings LO P1 Jse the above information to prepare a December statement of retained earnings for Help Today. The Retained Earnings account alance at December 1 was $0. Hint: Net income for December is $10,100. Required information Use the following information for Exercises 25-27 below. (Algo) [The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company's records show the following selected accounts and amounts for the month of December. Exercise 2-27 (Algo) Preparing a balance sheet LO P1 Use the above information to prepare a December 31 balance sheet for Help Today. Required information Use the following information for Exercises 9-12 below. (Algo) [The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. August 1 Madison Harris, the owner, invested $5,500 cash and $23,650 of photography equipment in the company in exchange for common stock. August 2 The company paid $3,500 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $1,045 cash. August 20 The company received $3,750 cash from taking photos for customers. August 31 The company paid $883 cash for August utilities. Exercise 2-11 (Algo) Analyzing transactions using accounting equation LO A1 Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. Use the following partial chart of accounts: Cash; Supplies; Prepaid Insurance; Equipment; Common Stock; Services Revenue; and Utilities Expense. Exercise 2-21 (Algo) Preparing a trial balance from data with a missing value LO P1 Prepare a December 31 trial balance for TLX Company using the following information and fill in the missing amount for Equipment (assume all data are correct). Complete this question by entering your answers in the tabs below. Using the above information, fill in the missing amount for Equipment (assume all data are correct). Compute the missing amount for each of the following separate companies in columns B through Note: Losses and amounts to be deducted should be indicated with a minus sign. Exercise 2-29 (Algo) Calculating and interpreting the debt ratio LO A2 a. Compute the debt ratio for each of the three companies. Note: Round your answers to 2 decimal places. b. Which company has the most risk from financial leverage? Prepare a December 31 trial balance for TLX Company using the following information and fill in the missing amount for Equipment (assume all data are correct). Complete this question by entering your answers in the tabs below. Prepare a December 31 trial balance for TLX Co. Exercise 2-22 (Algo) Identifying effects of posting errors on the trial balance LO P1 Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. Note: Select "None" if there is no effect. Required information Use the following information for Exercises 25-27 below. (Algo) [The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31 , the company's records show the following selected accounts and amounts for the month of December. Exercise 2-25 (Algo) Preparing an income statement LO P1 Use the above information to prepare a December income statement for the business