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 $116,500 and the retained earnings were $59,900 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,500 in stock. Accounts payable $1,870 Miscellaneous expense $1,000 Accounts receivable 10,750 Office expense 1,300 Cash 19,730 Supplies 1,670 Fees earned 71,690 Wages expense 22,500 Land 45,400 Dividends 16,310 Building 155,800 Prepare a balance sheet for the current year ended March 31. Thompson's Computer Services Balance Sheet March 31 Assets Cash $ 19,730 Accounts receivable 10,750 Supplies 1,670 Land 45,400 Building 155,800 Total assets $4 233,350 Liabilities Accounts payable 1,870
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 $116,500 and the retained earnings were $59,900 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,500 in stock. Accounts payable $1,870 Miscellaneous expense $1,000 Accounts receivable 10,750 Office expense 1,300 Cash 19,730 Supplies 1,670 Fees earned 71,690 Wages expense 22,500 Land 45,400 Dividends 16,310 Building 155,800 Prepare a balance sheet for the current year ended March 31. Thompson's Computer Services Balance Sheet March 31 Assets Cash $ 19,730 Accounts receivable 10,750 Supplies 1,670 Land 45,400 Building 155,800 Total assets $4 233,350 Liabilities Accounts payable 1,870
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 7E: Basic Income Statement The following are selected account balances of Rule Corporation at the end of...
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