Marcus Wilson owns and manages a consulting firm called FM Advising, which began operations on December 1. He asks us to assist him 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.
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.