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. Line Item Description Amount Accounts payable $1,200 Accounts receivable 12,340 Cash 32,990 Fees earned 76,350 Land 65,000 Building 143,670 Miscellaneous expense 440 Office expense 560 Supplies 1,670 Wages expense 31,370 Dividends 3,000 Prepare an income statement for the current year ended March 31. Thompson Computer ServicesIncome StatementFor the Year Ended March 31 Line Item Description Amount Amount $- Select - Expenses: $- Select - - Select - - Select - Total expenses Total expenses $- Select -
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. Line Item Description Amount Accounts payable $1,200 Accounts receivable 12,340 Cash 32,990 Fees earned 76,350 Land 65,000 Building 143,670 Miscellaneous expense 440 Office expense 560 Supplies 1,670 Wages expense 31,370 Dividends 3,000 Prepare an income statement for the current year ended March 31. Thompson Computer ServicesIncome StatementFor the Year Ended March 31 Line Item Description Amount Amount $- Select - Expenses: $- Select - - Select - - Select - Total expenses Total expenses $- Select -
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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
| Line Item Description | Amount |
|---|---|
| Accounts payable | $1,200 |
| 12,340 | |
| Cash | 32,990 |
| Fees earned | 76,350 |
| Land | 65,000 |
| Building | 143,670 |
| Miscellaneous expense | 440 |
| Office expense | 560 |
| Supplies | 1,670 |
| Wages expense | 31,370 |
| Dividends | 3,000 |
Prepare an income statement for the current year ended March 31.
Thompson Computer ServicesIncome StatementFor the Year Ended March 31
| Line Item Description | Amount | Amount |
|---|---|---|
|
|
$- Select - | |
| Expenses: | ||
|
|
$- Select - | |
|
|
- Select - | |
|
|
- Select - | |
| Total expenses | Total expenses | |
|
|
$- Select - |
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