It is now December of 2017. Project Q, taking place in Company Y, is in the closing phase and the closing phase is expected to be completed by December 31, 2017. Karen Reynolds is the project manager. Company Y requires that functional managers complete a formal, documented performance review for each employee each January that covers the 12-month period between the prior January and the prior December. Robin from IT has been assigned on a full-time basis to Project Q, which began in January of 2017. In January of 2018 Robin will be working full-time in IT and Karen Reynolds will be transferring to another location within Company Y to manage another project. Karen Reynolds should:.

Expert computers was started in 2018. the company experienced the following accounting events during its first year of operation: started business when it acquired $40,000 cash from the issue of common stock. purchased merchandise with a list price of $32,000 on account, terms 2/10, n/30. paid off one-half of the accounts payable balance within the discount period. sold merchandise on account for $28,000. credit terms were 1/20, n/30. the merchandise had cost expert computers $16,000. collected cash from the account receivable within the discount period. paid $2,100 cash for operating expenses. paid the balance due on accounts payable. the payment was not made within the discount period. required record the events in a horizontal statements model below. in the cash flows column, use the letters oa to designate operating activity, ia for investing activity, fa for financing activity, or nc for net change in cash. if the account is not affected by the event, leave the cell blank. the first event is recorded as an example. what is the amount of gross margin for the period? what is the net income for the period?