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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 common stock was $120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Accounts payable $1,200   Miscellaneous expense $330 Accounts receivable 12,340   Office expense 470 Cash 32,990   Supplies 1,670 Fees earned 76,950   Wages expense 28,290 Land 65,000   Dividends 3,000 Building 143,670

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 common stock was $120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Accounts payable $1,200   Miscellaneous expense $330 Accounts receivable 12,340   Office expense 470 Cash 32,990   Supplies 1,670 Fees earned 76,950   Wages expense 28,290 Land 65,000   Dividends 3,000 Building 143,670

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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  1. 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 common stock was $120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock.

    Accounts payable $1,200   Miscellaneous expense $330
    Accounts receivable 12,340   Office expense 470
    Cash 32,990   Supplies 1,670
    Fees earned 76,950   Wages expense 28,290
    Land 65,000   Dividends 3,000
    Building 143,670      
     
 
Prepare an income statement for the current year ended March 31. Thompson's Computer Services Income Statement For the Year Ended March 31 Expenses: Total expenses %24 %24
Transcribed Image Text:Prepare an income statement for the current year ended March 31. Thompson's Computer Services Income Statement For the Year Ended March 31 Expenses: Total expenses %24 %24
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