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 capital of the owner was $180,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year. Accounts Amount Accounts Amount Accounts payable $2,000 Miscellaneous expense $1,030 Accounts receivable 10,340 Office expense 1,240 Cash 21,420 Supplies 1,670 Fees earned 73,450 Wages expense 23,550 Land 47,000 Drawing 16,570 Building 157,630 Required: Prepare a statement of owner’s equity for Thompson Computer Services for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign.
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 capital of the owner was $180,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year. Accounts Amount Accounts Amount Accounts payable $2,000 Miscellaneous expense $1,030 Accounts receivable 10,340 Office expense 1,240 Cash 21,420 Supplies 1,670 Fees earned 73,450 Wages expense 23,550 Land 47,000 Drawing 16,570 Building 157,630 Required: Prepare a statement of owner’s equity for Thompson Computer Services for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign.
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 45P
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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 capital of the owner was $180,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year.
|
Accounts
|
Amount
|
Accounts
|
Amount
|
| Accounts payable | $2,000 | Miscellaneous expense | $1,030 |
| Accounts receivable | 10,340 | Office expense | 1,240 |
| Cash | 21,420 | Supplies | 1,670 |
| Fees earned | 73,450 | Wages expense | 23,550 |
| Land | 47,000 | Drawing | 16,570 |
| Building | 157,630 |
Required:
| Prepare a statement of owner’s equity for Thompson Computer Services for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign. |
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