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 $119,400 and the retained earnings were $56,100 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,600 in stock. Accounts payable $1,820 Miscellaneous expense $1,050 Accounts receivable 10,380 Office expense 1,220 Cash 18,830 Supplies 1,670 Fees earned 71,830 Wages expense 22,970 Land 45,400 Dividends 16,430 Building 155,800 Prepare a balance sheet for the current year ended March 31.

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 $119,400 and the retained earnings were $56,100 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,600 in stock. Accounts payable $1,820 Miscellaneous expense $1,050 Accounts receivable 10,380 Office expense 1,220 Cash 18,830 Supplies 1,670 Fees earned 71,830 Wages expense 22,970 Land 45,400 Dividends 16,430 Building 155,800 Prepare a balance sheet for the current year ended March 31.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter17: Financial Statement Analysis

Section: Chapter Questions

Problem 4E

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