0 You skipped this question in the previous attempt. 6 In response to requests from customers, S. Rey will begin selling computer software. The company will extend credit terms of 1/10, n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Additional accounts (Nos. 119, 413, 414, 415, and 502) are added to its general ledger to accommodate the company's new merchandising activities. Its transactions for January through March follow: Jan. Part 6 of 6 1.85 points eBook Print 4 The company paid cash to Lyn Addie for five days' work at the rate of $185 per day. Four of the five days relate to wages payable that were accrued in the prior year. 5 Santana Rey invested an additional $24,200 cash in the company in exchange for more common stock. 7 The company purchased $7,100 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB shipping point, invoice dated January 7. 9 The company received $2,778 cash from Gomez Co. as full payment on its account. 11 The company completed a five-day project for Alex's Engineering Co. and billed it $5,460, which is the total price of $6,920 less the advance payment of $1,460. The company debited Unearned Computer Services Revenue for $1,460. 13 The company sold merchandise with retail value of $4,800 and a cost of $3,410 to Liu Corp., invoice dated January 13. 15 The company paid $610 cash for freight charges on the merchandise purchased on January 7. 16 The company received $4,120 cash from Delta Co. for computer services provided. 17 The company paid Kansas Corp. for the invoice dated January 7, net of the discount. 20 The company gave a price reduction (allowance) of $700 to Liu Corp., and credited Liu's accounts receivable for that amount. 22 The company received the balance due from Liu Corp., net of the discount and the allowance. 24 The company returned defective merchandise to Kansas Corp. and accepted a credit against future purchases (debited accounts payable). The defective merchandise invoice cost, net of the discount, was $476. 26 The company purchased $9,900 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB destination, invoice dated January 26. 26 The company sold merchandise with a $4,600 cost for $5,980 on credit to KC, Inc., invoice dated January 26. 31 The company paid cash to Lyn Addie for 10 days' work at $185 per day. 1 The company paid $2,505 cash to Hillside Mall for another three months' rent in advance. 3 The company paid Kansas Corp. for the balance due, net of the cash discount, less the $476 credit from merchandise returned on January 24. 5 The company paid $570 cash to Facebook for an advertisement to appear on February 5 only. 11 The company received the balance due from Alex's Engineering Co. for fees billed on January 11. 15 The company paid a $4,610 cash dividend. 23 The company sold merchandise with a $2,520 cost for $3,290 on credit to Delta Co., invoice dated February 23. 26 The company paid cash to Lyn Addie for eight days' work at $185 per day. 27 The company reimbursed Santana Rey $384 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." 8 The company purchased $2,730 of computer supplies from Harris Office Products on credit with terms of n/30, POB destination, invoice dated March 8. References Feb. Mar. O You skipped this question in the previous attempt. 6. Prepare a classified balance sheet (from the adjusted trial balance) as of March 31, 2020. 6 BUSINESS SOLUTIONS Balance Sheet March 31, 2020 Assets Part 6 of 6 Current assets 1.85 points eBook Total current assets Plant assets Print References Office Equipment, net 0 0 Computer equipment, net Total plant assets Total assets 0 S 0 Liabilities Current liabilities Equity You skipped this question in the previous attempt. 5 dated March 25. 30 The company sold merchandise with a $1,068 cost for $2,240 on credit to IFM Company, invoice dated March 30. 31 The company reimbursed Santana Rey $160 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." Part 5 of 6 The following additional facts are available for preparing adjustments on March 31 prior to financial statement preparation: a. The March 31 amount of computer supplies still available totals $2,195. b. Prepaid Insurance coverage of $690 expired during this 3-month period. c. Lyn Addie has not been paid for seven days of work at the rate of $185 per day. d. Prepaid rent of $2,505 expired during this 3-month period. e. Depreciation on the computer equipment for January 1 through March 31 is $1,180. f. Depreciation on the office equipment for January 1 through March 31 is $380. g. The March 31 amount of merchandise inventory still available totals $504. 1.83 points eBook 5. Prepare a statement of retained earnings (from the adjusted trial balance in part 3) for the three months ended March 31, 2020. Print BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended March 31, 2020 Retained earnings, Dec. 31, 2019 References 0 Retained earnings, March 31, 2020 $ 0 0 You skipped this question in the previous attempt. 6 In response to requests from customers, S. Rey will begin selling computer software. The company will extend credit terms of 1/10, n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Additional accounts (Nos. 119, 413, 414, 415, and 502) are added to its general ledger to accommodate the company's new merchandising activities. Its transactions for January through March follow: Jan. Part 6 of 6 1.85 points eBook Print 4 The company paid cash to Lyn Addie for five days' work at the rate of $185 per day. Four of the five days relate to wages payable that were accrued in the prior year. 5 Santana Rey invested an additional $24,200 cash in the company in exchange for more common stock. 7 The company purchased $7,100 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB shipping point, invoice dated January 7. 9 The company received $2,778 cash from Gomez Co. as full payment on its account. 11 The company completed a five-day project for Alex's Engineering Co. and billed it $5,460, which is the total price of $6,920 less the advance payment of $1,460. The company debited Unearned Computer Services Revenue for $1,460. 13 The company sold merchandise with retail value of $4,800 and a cost of $3,410 to Liu Corp., invoice dated January 13. 15 The company paid $610 cash for freight charges on the merchandise purchased on January 7. 16 The company received $4,120 cash from Delta Co. for computer services provided. 17 The company paid Kansas Corp. for the invoice dated January 7, net of the discount. 20 The company gave a price reduction (allowance) of $700 to Liu Corp., and credited Liu's accounts receivable for that amount. 22 The company received the balance due from Liu Corp., net of the discount and the allowance. 24 The company returned defective merchandise to Kansas Corp. and accepted a credit against future purchases (debited accounts payable). The defective merchandise invoice cost, net of the discount, was $476. 26 The company purchased $9,900 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB destination, invoice dated January 26. 26 The company sold merchandise with a $4,600 cost for $5,980 on credit to KC, Inc., invoice dated January 26. 31 The company paid cash to Lyn Addie for 10 days' work at $185 per day. 1 The company paid $2,505 cash to Hillside Mall for another three months' rent in advance. 3 The company paid Kansas Corp. for the balance due, net of the cash discount, less the $476 credit from merchandise returned on January 24. 5 The company paid $570 cash to Facebook for an advertisement to appear on February 5 only. 11 The company received the balance due from Alex's Engineering Co. for fees billed on January 11. 15 The company paid a $4,610 cash dividend. 23 The company sold merchandise with a $2,520 cost for $3,290 on credit to Delta Co., invoice dated February 23. 26 The company paid cash to Lyn Addie for eight days' work at $185 per day. 27 The company reimbursed Santana Rey $384 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." 8 The company purchased $2,730 of computer supplies from Harris Office Products on credit with terms of n/30, POB destination, invoice dated March 8. References Feb. Mar. O You skipped this question in the previous attempt. 6. Prepare a classified balance sheet (from the adjusted trial balance) as of March 31, 2020. 6 BUSINESS SOLUTIONS Balance Sheet March 31, 2020 Assets Part 6 of 6 Current assets 1.85 points eBook Total current assets Plant assets Print References Office Equipment, net 0 0 Computer equipment, net Total plant assets Total assets 0 S 0 Liabilities Current liabilities Equity You skipped this question in the previous attempt. 5 dated March 25. 30 The company sold merchandise with a $1,068 cost for $2,240 on credit to IFM Company, invoice dated March 30. 31 The company reimbursed Santana Rey $160 cash for business automobile mileage. The company recorded the reimbursement as "Mileage Expense." Part 5 of 6 The following additional facts are available for preparing adjustments on March 31 prior to financial statement preparation: a. The March 31 amount of computer supplies still available totals $2,195. b. Prepaid Insurance coverage of $690 expired during this 3-month period. c. Lyn Addie has not been paid for seven days of work at the rate of $185 per day. d. Prepaid rent of $2,505 expired during this 3-month period. e. Depreciation on the computer equipment for January 1 through March 31 is $1,180. f. Depreciation on the office equipment for January 1 through March 31 is $380. g. The March 31 amount of merchandise inventory still available totals $504. 1.83 points eBook 5. Prepare a statement of retained earnings (from the adjusted trial balance in part 3) for the three months ended March 31, 2020. Print BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended March 31, 2020 Retained earnings, Dec. 31, 2019 References 0 Retained earnings, March 31, 2020 $ 0