OK smo this is a big one but I mainly only need help with the cash flow statement, I did all the rest. mainly help setting up the cash flow statement. I know not all the info from Jan and Feb is there but idc about the numbers
Part 4 The following additional facts are available for preparing Computer Solutions' adjustments on March 31 prior to financial statement preparation: a. The March 31 amount of computer supplies still available totals $1134. b. Three more months have expired since the company purchased its annual insurance policy at a $2,340 cost for 12 months of coverage. c. Lyn Addie has not been paid for seven days of work at the rate of $150 per day. d. Three months have passed since any prepaid rent has been transferred to expense. The monthly rent expense is $875. e. Depreciation on the computer equipment for January 1 through March 31 is $950. f. Depreciation on the office equipment for January 1 through March 31 is $125. g. The March 31 amount of merchandise inventory still available totals $760. The purpose of part 4 is to prepare quarterly financial statements for Computer Solutions through March 31, 2020. These statements may be prepared using Excel or by hand. Follow the instructions below: 1. Open your file YourName_ACCT305_PS3 and save as YourName ACCT305 PS4. 2. Before starting Part 4 you should ensure that your general ledger balances agree with the March 31, 2020 balances provided in this folder. 3. (2 points) Using the Unadjusted trial balance you prepared in part 3, prepare a partial work sheet in Excel consisting of the first seven columns that includes the unadjusted trial balance, the March 31 adjustments (a) through (g), and the adjusted trial balance. Use formulas where applicable. Do not prepare closing entries and do not journalize the adjustments or post them to the ledger. 4. (8 points) Prepare the following financial statements: a. Income statement for the three months ended March 31, 2020. Use a single-step format. b. Statement of retained earnings for the three months ended March 31, 2020. c. Classified balance sheet (from the adjusted trial balance) as of March 31, 2020. d. Statement of cash flows using the indirect method for the three months ended March 31, 2020. Owner Raymond Santana contributed $25,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,500 in cash dividends. 5. Upload your completed Excel spreadsheet and financial statements to Blackboard. Account January 31, 2020 Debit Credit 82,160 5,500 February 29, 2020 Debit Credit 71,217 March 31, 2020 Debit Credit 75,979 No. 101 106.1 106.2 106.3 106.4 106.5 106.6 106.7 106.8 106.9 3,000 8,045 5,220 3,000 3,000 3,220 6,800 6,800 6,800 119 126 128 7,031 850 1,755 875 5,000 4,291 850 1,755 3,500 5,000 941 2,580 1,755 3,500 5,000 131 163 164 125 125 125 19,000 19,000 19,000 167 168 950 950 8,406 950 1,100 201 210 236 307 318 319 Cash A/R - Alex's Engineering Co. A/R-Wildcat Services A/R-West Leasing A/R-IFM Co. A/R-Liu Corp. A/R -Gomez Co. A/R-Delta Co. A/R-KC, Inc. A/R -Dream, Inc. Merchandise inventory Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation - Office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Sales Sales returns and allowances Sales discounts Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Income Summary Totals 104,000 6,879 104,000 6,879 104,000 6,879 4,500 4,500 403 11,000 12,200 11,000 15,420 24,505 20,640 413 414 415 500 49 9,390 500 49 12,050 500 49 15,400 502 612 613 1,650 2,850 2,850 623 637 640 652 655 700 192 700 320 676 677 684 960 143,560 143,560 139,474 139,474 157,099 157,099
