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 common stock was $120,000 and the retained earnings was $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Line Item Description Amount Accounts payable $2,000 Accounts receivable 10,340 Cash 21,420 Fees earned 73,450 Land 47,000 Building 157,630 Miscellaneous expense 1,030 Office expense 1,240 Supplies 1,670 Wages expense 23,550 Dividends 16,570 Prepare an income statement for the current year ended March 31. Thompson Computer Services Income Statement For the Year Ended March 31 Line Item Description Amount Amount S- Select - E
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 common stock was $120,000 and the retained earnings was $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Line Item Description Amount Accounts payable $2,000 Accounts receivable 10,340 Cash 21,420 Fees earned 73,450 Land 47,000 Building 157,630 Miscellaneous expense 1,030 Office expense 1,240 Supplies 1,670 Wages expense 23,550 Dividends 16,570 Prepare an income statement for the current year ended March 31. Thompson Computer Services Income Statement For the Year Ended March 31 Line Item Description Amount Amount S- Select - E
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 common stock was $120,000 and the retained
earnings was $60,000 at April 1, the beginning of the current year. During the year, shareholders
purchased an additional $25,000 in stock. Line Item Description Amount Accounts payable $2,000
Accounts receivable 10,340 Cash 21,420 Fees earned 73,450 Land 47,000 Building 157,630
Miscellaneous expense 1,030 Office expense 1,240 Supplies 1,670 Wages expense 23,550 Dividends
16,570 Prepare an income statement for the current year ended March 31. Thompson Computer
Services Income Statement For the Year Ended March 31 Line Item Description Amount Amount S-
Select - E
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