Part 4 The following additional facts are available for preparing Computer' adjustments on March 31 prior to financial statement preparation The March 31 amount of computer supplies still available totals $2,005 Three more months have expired since the company purchased its annual insurance policy at a $2,220 cost for 12 months of coverage Lyn Addie has not been paid for seven days of work at the rate of $125 per day Three months have passed since any prepaid rent has been transferred to expense The monthly rent expense is $825 Depreciation on the computer equipment for January 1 through March 31 is $1,500 Depreciation on the office equipment for January 1 through March 31 is $300 The March 31 amount of merchandise inventory still available totals $204 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 Before starting Part 4 you should ensure that your general ledger balances agree with the March 31, 2020 balances provided in this folder (2 points) Using the Unadjusted trial balance you prepared in part 3, configure 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 (8 points) Prepare the following financial statements Income statement for the three months ended March 31, 2020 Use a single step format Statement of retained earnings for the three months ended March 31, 2020 Classified balance sheet (from the adjusted trial balance) as of March 31, 2020 Statement of cash flows using the indirect method for the three months ended March 31, 2020 Owner Raymond Santana contributed $20,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,800 in cash dividends March 31, 2020 Account Debit Credit Cast 69,602 A R Alex's Engineering Co A R Wildcat Services 2,800 A R West Leasing 9,045 A R IFM Co 5,220 A R Liu Corp A R Gomez Co A R Delta Co A R KC, Inc 5,800 A R Dream, Inc Merchandise inventory 176 Computer supplies 3,310 Frepaid insurance 1,665 Frepaid rent 3,300 Office equipment 5,000 Accumulated depreciation Office equipment 300 Computer equipment 24,000 Accumulated depreciation Computer equipment 1,500 Accounts payable Wages payable Uneumed computer services revenue Common stock 100,000 Retained earnings 7,765 Dividends 4,800 Computer services revenue 25,305 19,240 sales returns and allowances 500 Sales discounts 47 Cost of goods sold 13,590 Depreciation expense Office equipment Depreciation expense Computer equipment Wages expense 2,375 Insurance expense Rent expense Computer supplies expense Advertising expense 600 Mileage expense 320 Miscellaneous expenses Repairs expense Computer 960 Income Summary Totals 154,110 154,110

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Part 4 The following additional facts are available for preparing Computer' adjustments on March 31 prior to financial statement preparation: The March 31 amount of

Part 4

The following additional facts are available for preparing Computer' adjustments on March 31 prior to financial statement preparation:

The March 31 amount of computer supplies still available totals $2,005.
Three more months have expired since the company purchased its annual insurance policy at a $2,220 cost for 12 months of coverage.
Lyn Addie has not been paid for seven days of work at the rate of $125 per day.
Three months have passed since any prepaid rent has been transferred to expense. The monthly rent expense is $825.
Depreciation on the computer equipment for January 1 through March 31 is $1,500.
Depreciation on the office equipment for January 1 through March 31 is $300.
The March 31 amount of merchandise inventory still available totals $204.

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:

Before starting Part 4 you should ensure that your general ledger balances agree with the March 31, 2020 balances provided in this folder.
(2 points) Using the Unadjusted trial balance you prepared in part 3, configure 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.
(8 points) Prepare the following financial statements:
Income statement for the three months ended March 31, 2020. Use a single-step format.
Statement of retained earnings for the three months ended March 31, 2020.
Classified balance sheet (from the adjusted trial balance) as of March 31, 2020.
Statement of cash flows using the indirect method for the three months ended March 31, 2020. Owner Raymond Santana contributed $20,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,800 in cash dividends.

March 31, 2020 Account Debit Credit Cast 69,602 A/R - Alex's Engineering Co. A/R -Wildcat Services 2,800 A/R -West Leasing 9,045 A/R -IFM Co. 5,220 A/R -Liu Corp A/R -Gomez Co. A/R -Delta Co. A/R -KC, Inc. 5,800 A/R -Dream, Inc. Merchandise inventory 176 Computer supplies 3,310 Frepaid insurance 1,665 Frepaid rent 3,300 Office equipment 5,000 Accumulated depreciation-Office equipment 300 Computer equipment 24,000 Accumulated depreciation-Computer equipment 1,500 Accounts payable Wages payable Uneumed computer services revenue Common stock 100,000 Retained earnings 7,765 Dividends 4,800 Computer services revenue 25,305 19,240 sales returns and allowances 500 Sales discounts 47 Cost of goods sold 13,590 Depreciation expense- Office equipment Depreciation expense-Computer equipment Wages expense 2,375 Insurance expense Rent expense Computer supplies expense Advertising expense 600 Mileage expense 320 Miscellaneous expenses Repairs expense-Computer 960 Income Summary Totals 154,110 154,110