The assets and liabilities of Thompson Computer Services at March 31, the end of the current...

 

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The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue the year are listed below. The common stock was $120,000 and the retained earnings were $60,000 at April 1, the current year. During the year, shareholders purchased an additional $25,000 in stock. Accounts payable Accounts receivable Cash Fees earned Land Building $1,200 Miscellaneous expense $480 12,340 Office expense 420 32,990 Supplies 1,670 75,630 Wages expense 26,670 65,000 Dividends 3,000 143,670 Prepare an income statement for the current year ended March 31. Thompson's Computer Services Income Statement For the Year Ended March 31 Accounts receivable Expenses: Accounts payable Accounts receivable Building Total expenses Net income $ 47230 The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue the year are listed below. The common stock was $120,000 and the retained earnings were $60,000 at April 1, the current year. During the year, shareholders purchased an additional $25,000 in stock. Accounts payable Accounts receivable Cash Fees earned Land Building $1,200 Miscellaneous expense $480 12,340 Office expense 420 32,990 Supplies 1,670 75,630 Wages expense 26,670 65,000 Dividends 3,000 143,670 Prepare an income statement for the current year ended March 31. Thompson's Computer Services Income Statement For the Year Ended March 31 Accounts receivable Expenses: Accounts payable Accounts receivable Building Total expenses Net income $ 47230