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 $120,600 and the retained earnings were $57,400 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,900 in stock. Accounts payable $1,870 Miscellaneous expense $1,050 Accounts receivable 10,370 Office expense 1,230 Cash 19,930 Supplies 1,670 Fees earned 70,420 Wages expense 22,160 Land 45,500 Dividends 16,280 Building 157,000 balan
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 $120,600 and the retained earnings were $57,400 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,900 in stock. Accounts payable $1,870 Miscellaneous expense $1,050 Accounts receivable 10,370 Office expense 1,230 Cash 19,930 Supplies 1,670 Fees earned 70,420 Wages expense 22,160 Land 45,500 Dividends 16,280 Building 157,000 balan
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How would I prepare the balance sheet?
Transcribed Image Text:Prepare a balance sheet for the current year ended March 31.
Thompson's Computer Services
Balance Sheet
March 31
Assets
Total assets
Liabilities
Stockholders' Equity.
Total liabilities and stockholders' equity
%24
Transcribed Image Text: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
$120,600 and the retained earnings were $57,400 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,900 in stock.
Accounts payable
$1,870
Miscellaneous expense
$1,050
Accounts receivable
10,370
Office expense
1,230
Cash
19,930
Supplies
1,670
Fees earned
70,420
Wages expense
22,160
Land
45,500
Dividends
16,280
Building
157,000
Prepare a balance sheet for the current year ended March 31.
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