he assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner was $188,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $14,600 in the business during the year. Accounts Amount Accounts Amount Accounts payable $2,000 Miscellaneous expense $580 Accounts receivable 10,340 Office expense 300 Cash 21,420 Supplies 1,670 Fees earned 83,540 Wages expense 34,960 Land 47,000 Drawing 5,200 Building 154,970       Required:   Labels     For the Year Ended March 31     Amount Descriptions     Additional investment by owner during year     Decrease in owner’s equity     Increase in owner’s equity     Net income for the year     Net loss for the year     Thompson, capital, April 1     Thompson, capital, March 31     Withdrawals   Prepare a statement of owner’s equity for Thompson Computer Services for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner was $188,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $14,600 in the business during the year.
Accounts
Amount
Accounts
Amount
Accounts payable $2,000 Miscellaneous expense $580
Accounts receivable 10,340 Office expense 300
Cash 21,420 Supplies 1,670
Fees earned 83,540 Wages expense 34,960
Land 47,000 Drawing 5,200
Building 154,970    
 
Required:
  Labels  
  For the Year Ended March 31  
  Amount Descriptions  
  Additional investment by owner during year  
  Decrease in owner’s equity  
  Increase in owner’s equity  
  Net income for the year  
  Net loss for the year  
  Thompson, capital, April 1  
  Thompson, capital, March 31  
  Withdrawals  

Prepare a statement of owner’s equity for Thompson Computer Services for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign.

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