Acitizen group raised funds to establish an endowment for the eastville city library. under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. a preclosing trial balance of the library permanent fund follows: trial balance—december 31, 2017 debits credits cash $ 9,000 investments 520,000 additions to permanent endowments $ 511,500 investment income 49,500 expenditures—subscriptions 40,500 intergovernmental grant net increase in fair value of investments 8,500 accrued interest receivable 2,250 accounts payable 2,250 $ 571,750 $ 571,750 required: a. prepare any closing entries necessary at year-end. b. prepare a statement of revenues, expenditures, and changes in fund balance for the library permanent fund. c. prepare a balance sheet for the library permanent fund (use assigned to library for any spendable fund balance).

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?