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 $123,400 and the retained earnings were $62,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,600 in stock. Accounts payable $2,000 Miscellaneous Expense $1,000 Accounts receivable 10,340 Office expense 1,250 Cash 21,420 Supplies 1,670 Fees earned 73,380 Wages expense 23,270 Land 47,000 Dividends 14,200 Building 157,630
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 $123,400 and the retained earnings were $62,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,600 in stock. Accounts payable $2,000 Miscellaneous Expense $1,000 Accounts receivable 10,340 Office expense 1,250 Cash 21,420 Supplies 1,670 Fees earned 73,380 Wages expense 23,270 Land 47,000 Dividends 14,200 Building 157,630
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 20EA: Longmont Corporation earned net income of $90,000 this year. The company began the year with 600...
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