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$1,200 Miscellaneous expense$330Accounts receivable12,340 Office expense470Cash32,990 Supplies1,670Fees earned76,950 Wages expense28,290Land65,000 Dividends3,000Building143,670 Prepare an income statement for the current year ended March 31.Thompson's Computer ServicesIncome StatementFor the Year Ended March 31Expenses:Total expenses%24%24

Thompson`s Computer Services Income statement For the year ended March. 31 Revenue Fees…

Answered: The assets and liabilities of Thompson…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 9BE

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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	$1,200	Miscellaneous expense	$330
Accounts receivable	12,340	Office expense	470
Cash	32,990	Supplies	1,670
Fees earned	76,950	Wages expense	28,290
Land	65,000	Dividends	3,000
Building	143,670

Prepare an income statement for the current year ended March 31.
Thompson's Computer Services
Income Statement
For the Year Ended March 31
Expenses:
Total expenses
%24
%24

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