# 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 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

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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