Homework Answers
Question 1:
| Thompson's Computer Services | |
| Balance Sheet | |
| For the year ended March 31 | |
| Assets | |
| Cash | $19,630 |
| Accounts receivable | $10,430 |
| Supplies | $1,670 |
| Land | $45,600 |
| Building | $155,500 |
| Total assets | $232,830 |
| Liabilities | |
| Accounts payable | $1,950 |
| Stockholders' Equity | |
| Common stock | $141,400 |
| Retained earnings | $89,480 |
| Total liabilities and stockholders' equity | $232,830 |
Calculations:
| Income Statement | ||
| For the year ended March 31 | ||
| Revenues: | ||
| Fees earned | 70,330 | |
| Expenses: | ||
| Miscellaneous expense | 1,020 | |
| Office expense | 1,200 | |
| Wages expense | 22,000 | |
| Total Expenses | 24,220 | |
| Net income | 46,110 | |
| Statement of Stockholder's Equity | |||
| For the Year Ended March 31 | |||
| Common stock | Retained Earnings | Total | |
| Balances, April 1 | $116,700 | $59,300 | $176,000 |
| Issued common stock | $24,700 | $24,700 | |
| Net income | $46,110 | $46,110 | |
| Dividends | ($15,930) | ($15,930) | |
| Balances, March 31 | $141,400 | $89,480 | $230,880 |
Question 2:
| Thompson's Computer Services | ||
| Income Statement | ||
| For the year ended March 31 | ||
| Revenues: | ||
| Fees earned | 75,080 | |
| Expenses: | ||
| Miscellaneous expense | 410 | |
| Office expense | 550 | |
| Wages expense | 25,640 | |
| Total Expenses | 26,600 | |
| Net income | 48,480 | |
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Question 1:
Question 2:
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