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 $128,300 and the retained earnings were $63,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,300 in stock.Accounts payable$2,000 Miscellaneous Expense$1,020Accounts receivable10,340 Office expense1,300Cash21,420 Supplies1,670Fees earned72,030 Wages expense23,020Land47,000 Dividends15,200Building157,630 Prepare a statement of stockholders' equity for the current year ended March 31. If a net loss is incurred or there is a decrease in stockholders' equity, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank. Prepare a statement of stockholders' equity for the current year ended March 31. If a net loss is indnegative number using a minus sign. If an amount box does not require an entry, leave it blank.Thompson Computer ServicesStatement of Stockholders' EquityFor the Year Ended March 31CommonRetainedStockEarningsTotal%24%24

Total stockholder's equity includes the common stock and retained earnings. Stockholders' Equity = Common Stock + Retained earnings Ending retained earnings = Beginning retained earnings + Net income - Dividends Common Stock = Beginning Common Stock + Additional investment Net income = Total revenue - Total expenses Calculation of Net income: Fees earned $ 72,030 Less: Miscellaneous expense ($ 1,020) Office expense ($ 1,300) Wages expense ($ 23,020) Net income $ 46,690

Answered: Prepare a statement of stockholders'…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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 $128,300 and the retained earnings were $63,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,300 in stock.

Accounts payable	$2,000	Miscellaneous Expense	$1,020
Accounts receivable	10,340	Office expense	1,300
Cash	21,420	Supplies	1,670
Fees earned	72,030	Wages expense	23,020
Land	47,000	Dividends	15,200
Building	157,630

Prepare a statement of stockholders' equity for the current year ended March 31. If a net loss is incurred or there is a decrease in stockholders' equity, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank.

Prepare a statement of stockholders' equity for the current year ended March 31. If a net loss is ind
negative number using a minus sign. If an amount box does not require an entry, leave it blank.
Thompson Computer Services
Statement of Stockholders' Equity
For the Year Ended March 31
Common
Retained
Stock
Earnings
Total
%24
%24

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