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. Accounts payable Accounts receivable Cash Fees earned Land Building Miscellaneous expense Office expense Supplies Wages expense Dividends $1,200 12,340 32,990 76,970 65,000 143,670 Expenses: 460 540 1,670 33,310 3,000 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

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. Accounts payable Accounts receivable Cash Fees earned Land Building Miscellaneous expense Office expense Supplies Wages expense Dividends $1,200 12,340 32,990 76,970 65,000 143,670 Expenses: 460 540 1,670 33,310 3,000 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

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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