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 $118,200 and the retained earnings were $56,900 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,500 in stock. Accounts Amount Accounts Amount Accounts payable $1,980 Miscellaneous expense $1,030 Accounts receivable 10,050 Office expense 1,260 Cash 19,330 Supplies 1,670 Fees earned 72,480 Wages expense 22,360 Land 45,900 Dividends 16,360 Building 156,100 Required: Prepare a balance sheet for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Labels and Amount Descriptions Labels Expenses For the Year Ended March 31 March 31 Amount Descriptions Common stock Decrease in retained earnings Dividends Increase in retained earnings Net income for the year Net income Net loss for the year Net loss Retained earnings Retained earnings, April 1 Retained earnings, March 31 Total expenses Total assets Total liabilities and stockholders' equity Balance Sheet Prepare a balance sheet for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Thompson’s Computer Services Balance Sheet 1 Assets 2 3 4 5 6 7 8 Liabilities 9 10 Stockholders' Equity 11 12 13

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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Question

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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 common stock was $118,200 and the retained earnings were $56,900 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,500 in stock.

Accounts	Amount	Accounts	Amount
Accounts payable	$1,980	Miscellaneous expense	$1,030
Accounts receivable	10,050	Office expense	1,260
Cash	19,330	Supplies	1,670
Fees earned	72,480	Wages expense	22,360
Land	45,900	Dividends	16,360
Building	156,100

Required:

Prepare a balance sheet for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries.

Labels and Amount Descriptions

Labels
Expenses
For the Year Ended March 31
March 31
Amount Descriptions
Common stock
Decrease in retained earnings
Dividends
Increase in retained earnings
Net income for the year
Net income
Net loss for the year
Net loss
Retained earnings
Retained earnings, April 1
Retained earnings, March 31
Total expenses
Total assets
Total liabilities and stockholders' equity