Homework Answers
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Thompson's Computer Services Balance Sheet March 31 |
|||
|
Assets |
Liabilities |
||
|
Cash |
34090 |
Accounts payable |
1200 |
|
Accounts receivable |
8070 |
||
|
Supplies |
1670 |
Stockholders' Equity |
|
|
Land |
47500 |
Common stock |
204700 |
|
Building |
163130 |
Retained earnings |
48560 |
|
Total assets |
$254460 |
Total liabilities and stockholders' equity |
$254460 |
Net income = fees earned –offfice expenses – wages expense – miscellaneous expense = 78360-690-28590-520 = $48560
Common stock = beginning capital + additional capital – drawings = 194400+15200-4900 = $204700
Retained earnings = retained earnings in beginning + net income – dividends = 0+48560-0 = $48560
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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 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...
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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 payable $ 2,000 Miscellaneous expense $ 1,030
Accounts receivable 10,340 Office expense 1,240 Cash 21,420
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