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 $120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Accounts payable Accounts receivable Cash Fees earned Land Building $2,000 Miscellaneous expense $1,030 10,340 Office expense 1,240 21,420 Supplies 1,670 73,450 Wages expense 23,550 47,000 Dividends 16,570 157,630 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 QQ Q QQ Total liabilities and stockholders' equity Previous Next
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 $120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Accounts payable Accounts receivable Cash Fees earned Land Building $2,000 Miscellaneous expense $1,030 10,340 Office expense 1,240 21,420 Supplies 1,670 73,450 Wages expense 23,550 47,000 Dividends 16,570 157,630 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 QQ Q QQ Total liabilities and stockholders' equity Previous Next
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $120,000 and the
retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock.
Accounts payable
Accounts receivable
Cash
Fees earned
Land
Building
$2,000
Miscellaneous expense
$1,030
10,340
Office expense
1,240
21,420 Supplies
1,670
73,450 Wages expense
23,550
47,000 Dividends
16,570
157,630
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
QQ Q QQ
Total liabilities and stockholders' equity
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