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Required information Serial Problem Business Solutions LO P1, P2, P3, P4 [The following information applies to the questions displayed below] Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2019. Santana Rey decided to add a fourth digit with a decimal point to the 106 account number that had been used for the single Accounts Receivable account. This change allows the company to continue using the existing chart of accounts. 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. 4 The company paid cash to Lyn Addie for five days' work at the rate of $165 per day. Four of the five days relate to wages payable that were acerued in the prior year. 5 Santana Rey invested an additional $23,900 cash in the conpany in exchange for more common stock. 7 The company purehased $7,500 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB shipping point, invoice dated January 7. 9 The company received $2,688 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 $5,420, which is the total price of $6,910 less the advance payment of $1,490. The company debited Unearned Computer services revenue for $1,490. 13 The company sold merchandise with a retail value of $4,400 and a cost of $3,430 to tiu corp., invoice dated January 13 . 15 The company paid $690 cash for frelght charges on the merchandise purchased on January 7. 16 The company received $4,170 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 (allovance) 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 parchases (debited accounts payable). The defective merchandise involce cost, net of the discount, vas $496. 26 The company purehased $9,400 of merchandise from Kansas corp. with terms of 1/10, n/30, FOB destination, invoice dated January 26. 26 The cospany sold merehandise with a $4,570 cost for $5,870 on eredit to KC, Inc., invoice dated January 26. 31 The cospany paid cash to Lyn Addie for 10 dayn' work at $165 per day. Feb. 1 the company paid $2,565 cash to H111side Mall for another three monthn rent in advance. 3 The company paid Kansas Corp. for the balance due, not of the cash diacount, lesa the $495 eredit froen merchandioe returned on January 24. Feb. 1 The company paid $2,565 cash to Hill nide Ma11 for another three months rent in advance. 3. The cospany paid Kanaas Corp. for the balance due, net of the cash discount, less the $496 credit from therehandise returned on January 24. 5 The company paid $440 cash to Facebook for an advertisement to appear on February 5 only. 11 The company received the balance due from Alex's Eagineering Co. for fees billed on January 11. 15 The eompany paid a 54,760 cash dividend. 23 The company pold merchandise with a $2,470 cont for $3,350 on credit to Delta co., invoice dated February 23. 26 The company paid cash to Lyn Addie for elght days work at \$165 per day. 27 The company reinburaed Santana Rey \$320 cash for buniness automobile mileage. The company recorded the reimburgement as "Nileage Expentie." Mar. 8 The company purehased $2,910 of computer supplies from Harris offlce products on credit with terma of n/30, FOB destination, Invoice dated March 8 . 9 The conpany received the balance due from Delta Co. for merchandise sold on Fobruary 23. 11 The company paid $780 cash for minor repaire to the conpany'a computer. 16 The conpany received $5,300 canh fron Dream, Inc, for conputing forvices provided. 19 The company paid the full amount dae of $4,200 to Harrin office Producta, consinting of anounta ereated on December 15 (of 51,290 ) and March 8 . 24. The cotrpany billed Bany Leasing for $9,157 of ecepating nervices provided. 25 the company 101d merehandise with a 52,192 goet for 52,320 on oredit to wildeat 5erviees, invoice dated March 25. 30 The corpany sold nereaandine with a $1,078 tost for $2,260 on eredit to frM company, involee dated Mareh 30. 31 The company reimburned Eaneana Rey 596 cash for business automobile aileage. The conpany recorded the reimbursement as "Mileage kxpense." The following additonal facts are avallable for preparing adjustments on March 31 prior to financial statement preparation: a. The March 31 amount of computer supplies still available totals $2,005. b. Prepaid Insurance coverage of $609 expired during this 3 -month period. c. Lyn Addie has not been paid for seven days of work at the rate of $165 per day. d. Prepaid rent of $2,565 explred during this 3 -month period. e. Depreciation on the computer equipment for January 1 through March 31 is $1,070 f. Depreciation on the office equipment for January 1 through March 31 is $340. The following additional facts are avaliable for preparing adjustments on March 31 prior to financial statement preparation: a. The March 31 amount of computer supplies still available totals $2,005. b. Prepaid Insurance coverage of $609 expired during this 3 -month period c. Lyn Addie has not been paid for seven days of work at the rate of $165 per day. d. Prepaid rent of $2,565 expired during this 3 -month period. e. Depreciation on the computer equipment for January 1 through March 31 is $1,070. f. Depreciation on the office equipment for January 1 through March 31 is $340. 9. The March 31 amount of merchandise inventory still availabie totals $674. Part 4 4. Prepare an income statement (from the adjusted trial balance in part 3) for the three months ended March 31, 2020. (B) Use a single-step format. List all expenses without differentiating between selling expenses and general and administrative (b) Use a multiple-step format that begins with gross sales (service revenues plus gross product soles) and includes separate expenses. categories for net soles, cost of goods sold, selling expenses, and general and odministrative expenses. Categorize the following accounts as selling expenses: Woges Expense, Mileage Expense, and Advertising Expense. Categorize the remaining expenses as general and odministrative. eneral and administrative. Complete this question by entering your answers in the tabs below. Prepare an income statement (from the adjusted trial balance in part 3) for the three months ended March 31,2020. (a) Use a single-step format. List all expenses without differentiating between selling expenses and general and administrative expenses. \begin{tabular}{|l|l|l|} \hline Revenues & & \\ \hline Cash & & \\ \hline Total revenues & & \\ \hline Expenses & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Required information Serial Problem Business Solutions LO P1, P2, P3, P4 [The following information applies to the questions displayed below] Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2019. Santana Rey decided to add a fourth digit with a decimal point to the 106 account number that had been used for the single Accounts Receivable account. This change allows the company to continue using the existing chart of accounts. 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. 4 The company paid cash to Lyn Addie for five days' work at the rate of $165 per day. Four of the five days relate to wages payable that were acerued in the prior year. 5 Santana Rey invested an additional $23,900 cash in the conpany in exchange for more common stock. 7 The company purehased $7,500 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB shipping point, invoice dated January 7. 9 The company received $2,688 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 $5,420, which is the total price of $6,910 less the advance payment of $1,490. The company debited Unearned Computer services revenue for $1,490. 13 The company sold merchandise with a retail value of $4,400 and a cost of $3,430 to tiu corp., invoice dated January 13 . 15 The company paid $690 cash for frelght charges on the merchandise purchased on January 7. 16 The company received $4,170 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 (allovance) 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 parchases (debited accounts payable). The defective merchandise involce cost, net of the discount, vas $496. 26 The company purehased $9,400 of merchandise from Kansas corp. with terms of 1/10, n/30, FOB destination, invoice dated January 26. 26 The cospany sold merehandise with a $4,570 cost for $5,870 on eredit to KC, Inc., invoice dated January 26. 31 The cospany paid cash to Lyn Addie for 10 dayn' work at $165 per day. Feb. 1 the company paid $2,565 cash to H111side Mall for another three monthn rent in advance. 3 The company paid Kansas Corp. for the balance due, not of the cash diacount, lesa the $495 eredit froen merchandioe returned on January 24. Feb. 1 The company paid $2,565 cash to Hill nide Ma11 for another three months rent in advance. 3. The cospany paid Kanaas Corp. for the balance due, net of the cash discount, less the $496 credit from therehandise returned on January 24. 5 The company paid $440 cash to Facebook for an advertisement to appear on February 5 only. 11 The company received the balance due from Alex's Eagineering Co. for fees billed on January 11. 15 The eompany paid a 54,760 cash dividend. 23 The company pold merchandise with a $2,470 cont for $3,350 on credit to Delta co., invoice dated February 23. 26 The company paid cash to Lyn Addie for elght days work at \$165 per day. 27 The company reinburaed Santana Rey \$320 cash for buniness automobile mileage. The company recorded the reimburgement as "Nileage Expentie." Mar. 8 The company purehased $2,910 of computer supplies from Harris offlce products on credit with terma of n/30, FOB destination, Invoice dated March 8 . 9 The conpany received the balance due from Delta Co. for merchandise sold on Fobruary 23. 11 The company paid $780 cash for minor repaire to the conpany'a computer. 16 The conpany received $5,300 canh fron Dream, Inc, for conputing forvices provided. 19 The company paid the full amount dae of $4,200 to Harrin office Producta, consinting of anounta ereated on December 15 (of 51,290 ) and March 8 . 24. The cotrpany billed Bany Leasing for $9,157 of ecepating nervices provided. 25 the company 101d merehandise with a 52,192 goet for 52,320 on oredit to wildeat 5erviees, invoice dated March 25. 30 The corpany sold nereaandine with a $1,078 tost for $2,260 on eredit to frM company, involee dated Mareh 30. 31 The company reimburned Eaneana Rey 596 cash for business automobile aileage. The conpany recorded the reimbursement as "Mileage kxpense." The following additonal facts are avallable for preparing adjustments on March 31 prior to financial statement preparation: a. The March 31 amount of computer supplies still available totals $2,005. b. Prepaid Insurance coverage of $609 expired during this 3 -month period. c. Lyn Addie has not been paid for seven days of work at the rate of $165 per day. d. Prepaid rent of $2,565 explred during this 3 -month period. e. Depreciation on the computer equipment for January 1 through March 31 is $1,070 f. Depreciation on the office equipment for January 1 through March 31 is $340. The following additional facts are avaliable for preparing adjustments on March 31 prior to financial statement preparation: a. The March 31 amount of computer supplies still available totals $2,005. b. Prepaid Insurance coverage of $609 expired during this 3 -month period c. Lyn Addie has not been paid for seven days of work at the rate of $165 per day. d. Prepaid rent of $2,565 expired during this 3 -month period. e. Depreciation on the computer equipment for January 1 through March 31 is $1,070. f. Depreciation on the office equipment for January 1 through March 31 is $340. 9. The March 31 amount of merchandise inventory still availabie totals $674. Part 4 4. Prepare an income statement (from the adjusted trial balance in part 3) for the three months ended March 31, 2020. (B) Use a single-step format. List all expenses without differentiating between selling expenses and general and administrative (b) Use a multiple-step format that begins with gross sales (service revenues plus gross product soles) and includes separate expenses. categories for net soles, cost of goods sold, selling expenses, and general and odministrative expenses. Categorize the following accounts as selling expenses: Woges Expense, Mileage Expense, and Advertising Expense. Categorize the remaining expenses as general and odministrative. eneral and administrative. Complete this question by entering your answers in the tabs below. Prepare an income statement (from the adjusted trial balance in part 3) for the three months ended March 31,2020. (a) Use a single-step format. List all expenses without differentiating between selling expenses and general and administrative expenses. \begin{tabular}{|l|l|l|} \hline Revenues & & \\ \hline Cash & & \\ \hline Total revenues & & \\ \hline Expenses & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020