2. EX.01.260.ALGOThe assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year follow. The capital of the owner was $191,900 at April 1, the beginning of the current year. Mr. Thompson invested an additional $14,500 in the business during the year.Accounts payable$1,200 Miscellaneous expense$450Accounts receivable8,970 Office expense420Cash33,190 Supplies1,670Fees earned74,530 Wages expense29,140Land47,500 Drawing6,500Building154,290 Prepare a balance sheet for Thompson Computer Services for the current year ended March 31.Thompson Computer ServicesBalance SheetMarch 31Assets $fill in the blank 2 fill in the blank 4 fill in the blank 6 fill in the blank 8 fill in the blank 10Total assets$fill in the blank 11Liabilities $fill in the blank 13Owner's Equity fill in the blank 15Total liabilities and owner's equity$fill in the blank 16

Classified Balance sheet: A Balance sheet is a statement that shows the assets and liabilities held…

Answered: 2. EX.01.260.ALGO The assets and…

Managerial Accounting: The Cornerstone of Business Decision-Making

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Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

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2. EX.01.260.ALGO

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 follow. The capital of the owner was $191,900 at April 1, the beginning of the current year. Mr. Thompson invested an additional $14,500 in the business during the year.

Accounts payable	$1,200	Miscellaneous expense	$450
Accounts receivable	8,970	Office expense	420
Cash	33,190	Supplies	1,670
Fees earned	74,530	Wages expense	29,140
Land	47,500	Drawing	6,500
Building	154,290

Prepare a balance sheet for Thompson Computer Services for the current year ended March 31.

Thompson Computer Services
Balance Sheet
March 31
Assets
	$fill in the blank 2
	fill in the blank 4
	fill in the blank 6
	fill in the blank 8
	fill in the blank 10
Total assets	$fill in the blank 11
Liabilities
	$fill in the blank 13
Owner's Equity
	fill in the blank 15
Total liabilities and owner's equity	$fill in the blank 16

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