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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
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 22,080 Land 46,800 Dividends 16,490 Building 156,300 Prepare a balance sheet for the current year ended March 31. Thompson's Computer Services Balance Sheet March 31
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Solution:

Thompson`s Computer Services
Balance sheet
March. 31
Assets
Current assets:
Cash $    20,130
Accounts Receivable $    10,170
Supplies $      1,670
Total Current Assets $    31,970
Property,plant, and equipment:
Land $    46,800
Building $ 156,300
Total Assets $ 235,070
Liabilities and stockholder's Equity
Current liabilities:
Accounts Payable $      1,950
Total Liabilities $      1,950
Owner`s Equity:
Common Stock [120900+24700] $ 145,600
Retained Earnings ( Note:1) $    87,520
Total Owner`s Equity $ 233,120
Total liabilities and stockholder's equity $ 235,070

Working:

Income statement:

Thompson`s Computer Services
Income statement
March. 31
Revenue
Fees Earned $ 70,260
Total Revenue (A) $ 70,260
Operating Expenses / Expenses
Miscellaneous Expense $    1,050
Office Expenses $    1,220
Wages Expense $ 22,080
Total Operating Expense (B) $ 24,350
Net Income (A-B) $ 45,910

Retained earnings statement:

Thompson`s Computer Services
Retained Earnings Statement
March. 31
Beginning Balance $    58,100
Add:Net Income $    45,910
Less:
Dividends (Cash Dividend) $ (16,490)
Retained Earnings Closing Balance $    87,520
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