need help with 4d ( statement of flow using the indirect methode for the three months ended march 31 2020

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 $2,005. b. Three more months have expired since the company purchased its annual insurance policy at a $2,220 cost for 12 months of coverage. c. Lyn Addie has not been paid for seven days of work at the rate of $125 per day. d. Three months have passed since any prepaid rent has been transferred to expense. The monthly rent expense is $825. e. Depreciation on the computer equipment for January 1 through March 31 is $1,500. f. Depreciation on the office equipment for January 1 through March 31 is $300. g. 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: 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 $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 Adjusting Entries Adjusted Trial Balance Credit Debit Credit Debit 69,602 Debit 69,602 Credit 2.800 9,045 5.220 5,800 22.865 29 Account Cash A/R - Alex's Engineering Co. AVR-Wildcat Services AR-West Leasing AVR-FM Co. AR-Lu Corp. AR Gomez Co A/R-Delta Co. AVR-RC, Inc. AR -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 176 3,310 1,665 3.300 6.000 1.305 550 2.475 205 2,005 1,115 825 6,000 300 300 600 24,000 24,000 1,500 1,500 320 3,000 320 875 875 100,000 7.765 100,000 7.765 4.800 4.800 25, 305 19,240 25,305 19,240 500 500 47 13.910 29 13,881 300 300 1,500 1.500 2,375 875 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 Total 550 2,475 1.305 3.250 550 2,475 1,305 600 320 600 320 960 960 154.430 154,430 7,034 7034157,105 157,105 19,240 25,305 44,545 Table 1 income statement For three months ended march 2019 Revenue Net Sales computer service revenue Total Revenues Expense Cost of goods sold Depreciation expense-office equipment Depreciation expense-computer equipment Wages expense Insurance expense Rent expense computer expense millage expense repaires expense Advertising expense Sales return and Allowances sales Discount Total Expense Net Income 13,881 300 1,500 3,250 550 2,475 1305 320 960 600 500 47 25688 18857 Table 1 statement of retained earnings fro the three months ended march 31 2020 Retained earnings Net income 7765 18857 less Dividend Retained earnings march 4800 21822 Cash account receivable computer supplies inventory prepaid insurance prepaid rent Table 1 BALANCE SHEET 69,602 22,865 205 2,005 1115 825 96617 5400 Current assets office equipments less : accumulates depreciation - office equip computer equipment less : accumulates depreciation - computer equip Fixed asset 6000 600 24000 3000 21000 26400 320 Total asset accounts payable wages payable current Liability 875 1195 Long term Liability total liability Common stock Retained earnings Dividend Add: Net profit Total Equity 100,000 7,765 4800 18857 121822 total liability and equity 123017 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 $2,005. b. Three more months have expired since the company purchased its annual insurance policy at a $2,220 cost for 12 months of coverage. c. Lyn Addie has not been paid for seven days of work at the rate of $125 per day. d. Three months have passed since any prepaid rent has been transferred to expense. The monthly rent expense is $825. e. Depreciation on the computer equipment for January 1 through March 31 is $1,500. f. Depreciation on the office equipment for January 1 through March 31 is $300. g. 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: 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 $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 Adjusting Entries Adjusted Trial Balance Credit Debit Credit Debit 69,602 Debit 69,602 Credit 2.800 9,045 5.220 5,800 22.865 29 Account Cash A/R - Alex's Engineering Co. AVR-Wildcat Services AR-West Leasing AVR-FM Co. AR-Lu Corp. AR Gomez Co A/R-Delta Co. AVR-RC, Inc. AR -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 176 3,310 1,665 3.300 6.000 1.305 550 2.475 205 2,005 1,115 825 6,000 300 300 600 24,000 24,000 1,500 1,500 320 3,000 320 875 875 100,000 7.765 100,000 7.765 4.800 4.800 25, 305 19,240 25,305 19,240 500 500 47 13.910 29 13,881 300 300 1,500 1.500 2,375 875 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 Total 550 2,475 1.305 3.250 550 2,475 1,305 600 320 600 320 960 960 154.430 154,430 7,034 7034157,105 157,105 19,240 25,305 44,545 Table 1 income statement For three months ended march 2019 Revenue Net Sales computer service revenue Total Revenues Expense Cost of goods sold Depreciation expense-office equipment Depreciation expense-computer equipment Wages expense Insurance expense Rent expense computer expense millage expense repaires expense Advertising expense Sales return and Allowances sales Discount Total Expense Net Income 13,881 300 1,500 3,250 550 2,475 1305 320 960 600 500 47 25688 18857 Table 1 statement of retained earnings fro the three months ended march 31 2020 Retained earnings Net income 7765 18857 less Dividend Retained earnings march 4800 21822 Cash account receivable computer supplies inventory prepaid insurance prepaid rent Table 1 BALANCE SHEET 69,602 22,865 205 2,005 1115 825 96617 5400 Current assets office equipments less : accumulates depreciation - office equip computer equipment less : accumulates depreciation - computer equip Fixed asset 6000 600 24000 3000 21000 26400 320 Total asset accounts payable wages payable current Liability 875 1195 Long term Liability total liability Common stock Retained earnings Dividend Add: Net profit Total Equity 100,000 7,765 4800 18857 121822 total liability and equity 123017