The assets and liabilities of Thompson Computer Services at March 31, the end of the current fiscal year, and its revenue and expenses for the year follow. Mike Thompson, Capital, had a balance of $180,000 at April 1, the beginning of the current year. During the year, the owner invested an additional $25,000. Accounts payable Accounts receivable Cash Fees earned Land Building Miscellaneous expense Office expense Supplies Wages expense Mike Thompson, Drawing $1,200 12,340 32,990 77,710 65,000 143,670 Expenses: 470 Prepare an income statement for the current year ended March 31. Thompson Computer Services Total expenses 520 1,670 29,330 3,000 Income Statement For the Year Ended March 31 Line Item Description Amount Amount

The assets and liabilities of Thompson Computer Services at March 31, the end of the current fiscal year, and its revenue and expenses for the year follow. Mike Thompson, Capital, had a balance of $180,000 at April 1, the beginning of the current year. During the year, the owner invested an additional $25,000. Accounts payable Accounts receivable Cash Fees earned Land Building Miscellaneous expense Office expense Supplies Wages expense Mike Thompson, Drawing $1,200 12,340 32,990 77,710 65,000 143,670 Expenses: 470 Prepare an income statement for the current year ended March 31. Thompson Computer Services Total expenses 520 1,670 29,330 3,000 Income Statement For the Year Ended March 31 Line Item Description Amount Amount

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.5E: Classification of Assets and Liabilities Indicate the appropriate classification of each of the...

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subject:accounting
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