Homework Answers
First we will calculate net income as per below:
Net income = Fees earned - Miscellaneous expenses - Office expenses - Wages expense
Putting the given values in the above formula, we get,
Net income = $72590 - $1040 - $1300 - $23230
Net income = $47020
Statement of stockholder's equity for the year ended March 31:
| Description | Amount | Amount |
| Beginning common stock | $132800 | |
| Add: Additional stock purchased | $26000 | |
| Add: Retained earnings | ||
| Beginning retained earnings | $60000 | |
| Add: Net income | $47020 | |
| Less: Dividends | - $14900 | |
| Ending retained earnings | $92120 | |
| Ending stockholder's equity | $250920 |
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Calculator 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. TI common stock was $127,300 and the retained earnings were $65,000 at April 1, the beginning of the current year. During the year, shareholders purchased an a $25,700 in stock $2,000 $1,010 Accounts payable Miscellaneous Expense Office expense 10,340 Accounts receivable 1,290 1,670 Cash 21,420 Supplies 23,380 Fees earned Wages expense...
The assets and liabilities of Thompson Computer Services atMarch 31, the end of the current...
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
Supplies 1,670 Fees earned 73,450 Wages expense 23,550...
Calculator The assets and liabilities of Thompson Computer Services at March 31, the end of the...
Calculator 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 $194,100 at April 1, the beginning of the current year. Mr. Thompson invested an additional $14,000 in the business during the year. Accounts payable $1,200 Miscellaneous expense $560 Accounts receivable 10,340 Office expense 550 Cash 32,320 Supplies 1,670 Fees earned 78,730 Wages expense 33,380 Land...
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Instructions 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 $115,300 and the retained earings were $70,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional 525,600 in stock Accounts Accounts payable Accounts receivable Cash Amount $2.000 10,340 21,420 74,330 47.000 157,630 Accounts Miscellaneous expense Office expense Supplies Wages expense...
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Calculator 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 $120,900 and the retained earnings were $58,100 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,700 in stock Accounts payable $1,950 Miscellaneous expense $1,050 Accounts receivable 10,170 Office expense 1,220 Cash 20,130 Supplies 1,670 Fees earned 70,260 Wages expense...
The assets and liabilities of Thompson Computer Services at March 31, the end of the current...
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 $194,100 at April 1, the beginning of the current year. Mr. Thompson invested an additional $14,000 in the business during the year. Accounts payable $1,200 Miscellaneous expense $560 Accounts receivable 10,340 Office expense 550 Cash 32,320 Supplies 1,670 Fees earned 78,730 Wages expense 33,380 Land 47,000...
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$1.010 Miscellaneous expense 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 $118,800 and the retained earnings were $56,200 at April 1, the beginning of the current year. During the year, shareholders purchased additional $25,000 in stock Accounts payable $1,990 Accounts receivable 10,670 Office expense 1,200 Cash 19,530 Supplies 1,670 Fees eamed 71,760 Wages expense 22,000 Land...
Calculator The assets and liabilities of Thompson Computer Services at March 31, the end of the...
Calculator 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 $121,000 and the retained earnings were $56,200 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,700 in stock. Accounts payable Accounts receivable Cash Fees earned Land Building Prepare a balance sheet for the current year ended March 31 $1,810...
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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 $121,100 and the retained earnings were $58,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,100 in stock. Accounts payable $1,820 Miscellaneous expense $1,010 Accounts receivable 10,370 Office expense 1,270 Cash 18,730 Supplies 1,670 Fees earned 67,840 Wages expense 22,440...
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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 $186,800 at April 1, the beginning of the current year. Mr. Thompson invested an additional $15,900 in the business during the year. Accounts payable $1,200 Miscellaneous expense $580 Accounts receivable 8,970 Office expense 470 Cash 34,990 Supplies 1,670 Fees earned 70,870 Wages expense 32,590 Land 45,700...
Calculator 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. TI common stock was $127,300 and the retained earnings were $65,000 at April 1, the beginning of the current year. During the year, shareholders purchased an a $25,700 in stock $2,000 $1,010 Accounts payable Miscellaneous Expense Office expense 10,340 Accounts receivable 1,290 1,670 Cash 21,420 Supplies 23,380 Fees earned Wages expense...
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
Supplies 1,670 Fees earned 73,450 Wages expense 23,550...
Calculator 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 $194,100 at April 1, the beginning of the current year. Mr. Thompson invested an additional $14,000 in the business during the year. Accounts payable $1,200 Miscellaneous expense $560 Accounts receivable 10,340 Office expense 550 Cash 32,320 Supplies 1,670 Fees earned 78,730 Wages expense 33,380 Land...
Instructions 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 $115,300 and the retained earings were $70,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional 525,600 in stock Accounts Accounts payable Accounts receivable Cash Amount $2.000 10,340 21,420 74,330 47.000 157,630 Accounts Miscellaneous expense Office expense Supplies Wages expense...
Calculator 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 $120,900 and the retained earnings were $58,100 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,700 in stock Accounts payable $1,950 Miscellaneous expense $1,050 Accounts receivable 10,170 Office expense 1,220 Cash 20,130 Supplies 1,670 Fees earned 70,260 Wages expense...
$1.010 Miscellaneous expense 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 $118,800 and the retained earnings were $56,200 at April 1, the beginning of the current year. During the year, shareholders purchased additional $25,000 in stock Accounts payable $1,990 Accounts receivable 10,670 Office expense 1,200 Cash 19,530 Supplies 1,670 Fees eamed 71,760 Wages expense 22,000 Land...
Calculator 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 $121,000 and the retained earnings were $56,200 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,700 in stock. Accounts payable Accounts receivable Cash Fees earned Land Building Prepare a balance sheet for the current year ended March 31 $1,810...
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 $121,100 and the retained earnings were $58,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $24,100 in stock. Accounts payable $1,820 Miscellaneous expense $1,010 Accounts receivable 10,370 Office expense 1,270 Cash 18,730 Supplies 1,670 Fees earned 67,840 Wages expense 22,440...
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