Question

$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 45,000 Dividends 16,370 Building 156,300 Prepare a balance sheet for the current year ended March 31 Thompson's Computer Services Balance Sheet March 31 Assets Total assets Stockholders Equity Total abilities and stockholders' equity

Answer 1

Thompson's Computer Services
Income Statement
At March 31
Revenues
Fee earned		71,760
Expenses:
Miscellaneous expense	1,010
Office expense	1,200
Wages expense	22,000
Total expenses		-24,210
Net income		$47,550

Thompson's Computer Services
Statement of Retained Earnings
At March 31
Beginning retained earnings		56,200
Add: Net income	47,550
Add: Additional investment	25,000
Less: Dividends	-16,370
		56,180
Retained earnings, Ending		$112,380

Thompson's Computer Services
Balance Sheet
At March 31
Assets	Amount
Cash	19,530
Accounts receivable	10,670
Supplies	1,670
Land	45,000
Building	156,300
Total Assets	$233,170
Liabilities
Accounts payable	1990
Stockholders Equity:
Common stock	118,800
Retained earnings	112,380
Total stockholders equity	231,180
Total Liabilities & Stockholders Equity	$233,170

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