Homework Answers
| Thompson's Computer Services | |||
| Retained Earnings Statement | |||
| For the Year Ended March 31 | |||
| 1 | Retained earnings, April 1 | $70,000 | |
| 2 | Net income for the year [Refer working note] | $48,650 | |
| 3 | Dividends | ($16,500) | |
| 4 | Change in retained earnings [$48,650 - $16,500] | $32,150 | |
| 5 | Retained earnings, March 31 [$70,000 + $32,150] | $102,150 |
.
.
Working note - Calculation of Net Income / (loss)
| Revenues: | ||
| Fees earned | $74,330 | |
| Expenses: | ||
| Office expense | $1,260 | |
| Wages expenses | $23,370 | |
| Miscellaneous expense | $1,050 | |
| Total expenses [$1,260 + $23,370 + $1,050] | $25,680 | |
| Net income [$74,330 - $25,680] | $48,650 |
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Instructions The assets and liabilities of Thompson Computer Services at March 31, the end of the...
Instructions Labels and Amount Descriptions Income Statement E structions he assets and liabilities of Thompson Computer...
Instructions Labels and Amount Descriptions Income Statement E structions he 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 120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock Accounts Amount Accounts payable Accounts receivable $450 420 Amount $2,000 10,340 21,420 79,900...
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. 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...
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Calculator 1.300 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 $132,800 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $26,000 in stock. Accounts payable $2,000 Miscellaneous Expense $1,040 Accounts receivable 10,340 Office expense Cash 21,420 Supplies 1,670 Fees earned 72,590 Wages expense...
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Exam 1 Calculator Instructions Labels and Amount Descriptions Statement of Stockholders' Equity Instructions Labels and Amount Descriptions 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 $120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Labels Expenses Accounts Amount Amount...
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Question 1:
Question 2:
Exam 1 E Calculator Labels and Amount Descriptions Instructions Balance Sheet х Labels and Amount Descriptions Instructions Balance Sheet The assets and liabilities of Thompson Computer Services at March 31, the end of Labels Prepare a balance sheet for the current year ended March 31. Be sure to complete the statement heading. the current year, and its revenue and expenses for the year are listed below. The Expenses Refer to the lists of Accounts in the...
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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...
Labels and Amount Descriptions Labels December 31, 2018 Expenses For the Year Ended December 31, 2018...
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Instructions Labels and Amount Descriptions Income Statement E structions he 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 120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock Accounts Amount Accounts payable Accounts receivable $450 420 Amount $2,000 10,340 21,420 79,900...
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...
Calculator 1.300 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 $132,800 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $26,000 in stock. Accounts payable $2,000 Miscellaneous Expense $1,040 Accounts receivable 10,340 Office expense Cash 21,420 Supplies 1,670 Fees earned 72,590 Wages expense...
Exam 1 Calculator Instructions Labels and Amount Descriptions Statement of Stockholders' Equity Instructions Labels and Amount Descriptions 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 $120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Labels Expenses Accounts Amount Amount...
Question 1:
Question 2:
Exam 1 E Calculator Labels and Amount Descriptions Instructions Balance Sheet х Labels and Amount Descriptions Instructions Balance Sheet The assets and liabilities of Thompson Computer Services at March 31, the end of Labels Prepare a balance sheet for the current year ended March 31. Be sure to complete the statement heading. the current year, and its revenue and expenses for the year are listed below. The Expenses Refer to the lists of Accounts in the...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $605,000 on January 1, 2018, the beginning of the year. During the year, dividends of $37,000 were paid. Accounts $ 73,000 payable Accounts 277,000 receivable Cash 191,500 Common stock 70,000 Fees earned 888,700 Land 547,000 Miscellaneous 6,000 expense Rent expense 34,000 Supplies 6,000 Supplies 4,200 expense Utilities...
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...
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