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 $450 Accounts receivable 10,340 Office Expense 420 Cash 21,420 Supplies 1,670 Fees earned 73,980 Wages Expense 30,640 Land 47,000 Drawing 16,570 Building 157,630 Required: Prepare an income statement for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the income statement. Labels Expenses For the Year Ended March 31 Amount Descriptions Net income Net loss Total expenses
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 $450 Accounts receivable 10,340 Office Expense 420 Cash 21,420 Supplies 1,670 Fees earned 73,980 Wages Expense 30,640 Land 47,000 Drawing 16,570 Building 157,630 Required: Prepare an income statement for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the income statement. Labels Expenses For the Year Ended March 31 Amount Descriptions Net income Net loss Total expenses
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 5BCRQ
Related questions
Question
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 | $450 |
| Accounts receivable | 10,340 | Office Expense | 420 |
| Cash | 21,420 | Supplies | 1,670 |
| Fees earned | 73,980 | Wages Expense | 30,640 |
| Land | 47,000 | Drawing | 16,570 |
| Building | 157,630 |
Required:
| Prepare an income statement for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the income statement. |
| Labels | |
| Expenses | |
| For the Year Ended March 31 | |
| Amount Descriptions | |
| Net income | |
| Net loss | |
| Total expenses |
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