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 $1,200 Miscellaneous expense $340 Accounts receivable 12,340 Office expense 540 Cash 32,990 Supplies 1,670 Fees earned 71,170 Wages expense 27,820 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 $1,200 Miscellaneous expense $340 Accounts receivable 12,340 Office expense 540 Cash 32,990 Supplies 1,670 Fees earned 71,170 Wages expense 27,820 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 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 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 | $1,200 | Miscellaneous expense | $340 | |
| 12,340 | Office expense | 540 | ||
| Cash | 32,990 | Supplies | 1,670 | |
| Fees earned | 71,170 | Wages expense | 27,820 | |
| 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 | ||
| $ |
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