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 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 Accounts payable Accounts receivable Cash Fees earned Land Building Amount: Accounts $2,000 10,340 21,420 73,450 47,000 Dividends 157,630 Miscellaneous expense Office expense Supplies Wages expense Amount $1,030 1,240 1,670 23,550 16,570 Required: Prepare a statement of stockholder s equity for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. If a net loss is incurred or there is a decrease in stockholders equity, enter that amount as a negative number using a minus sign Entries of 0 (zero) are not required and will be cleared if entered. Labels and Amount Descriptions Labels Expenses For the Month Ended March 31 For the Year Ended March 31 March 31 Amount Descriptions Balances, April 1 Balances, March 31 Dividends Issued common stock Net income Net loss Retained earnings Total expenses Total assets Total liabilities and stockholders equity Prepare a balance sheet for the current year ended March 31 Be sure to complete the statement heading Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries 1 2 M 5 6 7 8 13 9 10 Total assets 11 Common stock 12 Retained eamings Thompson s Computer Services Balance Sheet March 31 Assets Liabilities Stockholders Equity Total liabilities and stockholders equity 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. Accounts Accounts payable Accounts receivable Cash Fees earned Land Building Amount: Accounts $2,000 10,340 21,420 73,450 47,000 Dividends 157,630 Miscellaneous expense Office expense Supplies Wages expense Amount $1,030 1,240 1,670 23,550 16,570 Required: Prepare a statement of stockholder s equity for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. If a net loss is incurred or there is a decrease in stockholders equity, enter that amount as a negative number using a minus sign Entries of 0 (zero) are not required and will be cleared if entered. Labels and Amount Descriptions Labels Expenses For the Month Ended March 31 For the Year Ended March 31 March 31 Amount Descriptions Balances, April 1 Balances, March 31 Dividends Issued common stock Net income Net loss Retained earnings Total expenses Total assets Total liabilities and stockholders equity Prepare a balance sheet for the current year ended March 31 Be sure to complete the statement heading Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries 1 2 M 5 6 7 8 13 9 10 Total assets 11 Common stock 12 Retained eamings Thompson s Computer Services Balance Sheet March 31 Assets Liabilities Stockholders Equity Total liabilities and stockholders equity

Answer rating: 100% (QA)

Statement of stockholders equity Thompsons retained earningsApril1 60000 Net income for the ye... View the full answer