Homework Answers
Based on the information available in the question, we can answer as follows:-
Step 1: Calculate Net Income
| Particulars | Amount | Amount |
| Fees earned | 80,470 | |
| Less:- expenses | ||
| Miscellaneous expense | 600 | |
| Office expense | 530 | |
| Wages expense | 30,780 | |
| 31,910 | ||
| Net Income | 48,560 |
Step 2:- Prepare statement of owners equity
| Thompson Computer Services | ||
| Statement of Owners equity | ||
| For the Year ended March 31 | ||
| Particulars | Amount | Amount |
| Beginning Owners equity | 191,800 | |
| Add:- Owners investments | 17,000 | |
| Net Income | 48,560 | |
| Less:- Withdrawals (Drawings) | (5,300) | |
| Increase in owners equity | 60,260 | |
| Owners equity - March 31 | 252,060 |
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