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 $190,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year. Accounts payable Miscellaneous expense $460 $1,200 Office expense Accounts receivable 12,340 500 32,990 Cash Supplies 1,670 74,760 Fees earned Wages expense 31,330 Land 65,000 Drawing 3,000 Building 143,670 Prepare an income statement for the current year ended March 31 Thompson Computer Services Income Statement For the Year Ended March 31 Expenses: Total expenses $

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 $190,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year. Accounts payable Miscellaneous expense $460 $1,200 Office expense Accounts receivable 12,340 500 32,990 Cash Supplies 1,670 74,760 Fees earned Wages expense 31,330 Land 65,000 Drawing 3,000 Building 143,670 Prepare an income statement for the current year ended March 31 Thompson Computer Services Income Statement For the Year Ended March 31 Expenses: Total expenses $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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