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. Thecommon 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.PIELAccounts payable$1,200Miscellaneous expense$300Accounts receivable12,340Office expense580Cash32,990Supplies1,670Fees earned79,930Wages expense29,870Land65,000Dividends3,000Building143,670Prepare an income statement for the current year ended March 31.Thompson's Computer ServicesIncome StatementFor the Year Ended March 31Expenses:Total expenses

The income statement is one of the essential parts of the financial statement used for reporting the…

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. PIEI Accounts payable $1,200 Miscellaneous expense $300 Accounts receivable 12,340 Office expense 580 Cash 32,990 Supplies 1,670 Fees earned 79,930 Wages expense 29,870 Land 65,000 Dividends 3,000 Building 143,670 Prepare an income statement for the current year ended March 31.

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. PIEI Accounts payable $1,200 Miscellaneous expense $300 Accounts receivable 12,340 Office expense 580 Cash 32,990 Supplies 1,670 Fees earned 79,930 Wages expense 29,870 Land 65,000 Dividends 3,000 Building 143,670 Prepare an income statement for the current year ended March 31.

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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