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 follow. The capital of the owner was $180,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year.Accounts payable$2,000 Miscellaneous expense$1,030 Accounts receivable 10,340 Office expense1,240 Cash21,420 Supplies1,670 Fees earned73,450 Wages expense23,550 Land47,000 Drawing16,570 Building157,630 Prepare a balance sheet for Thompson Computer Services for the current year ended March 31.

Name: The assets and liabilities of Thompson Computer Services at March 31,
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Description: 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 follow. The capital of the owner was $180,000 at April 1, the beginning of the current year. Mr. Thompson inv

The balance sheet shows the positions of assets and liabilities of the company.

Answered: The assets and liabilities of Thompson…

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 follow. The capital of the owner was $180,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year.

Accounts payable	$2,000	Miscellaneous expense	$1,030
Accounts receivable	10,340	Office expense	1,240
Cash	21,420	Supplies	1,670
Fees earned	73,450	Wages expense	23,550
Land	47,000	Drawing	16,570
Building	157,630

Prepare a balance sheet for Thompson Computer Services for the current year ended March 31.

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