Labels
Expenses
For the Year Ended March 31
March 31
Amount Descriptions
Change in retained earnings
Common stock
Dividends
Net income for the year
Net income
Net loss for the year
Net loss
Retained earnings
Retained earnings, April 1
Retained earnings, March 31
Total expenses
Total assets
Total liabilities and stockholders' equity

Prepare a statement of retained earnings 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 owners equity, enter that amount as a negative number using a minus sign.

Thompson's Computer Services

Retained Earnings Statement

1
2
3
4
5

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 $131,000 and the retained earnings were $61,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,400 in stock. Accounts Amount Accounts Amount Accounts payable $2,000 Miscellaneous expense $1,000 Accounts receivable 10,340 Office expense 1,240 Cash 21,420 Supplies 1,670 Fees earned 74,670 Wages expense 23,600 Land 47,000 Dividends 16,400 Building 157,630 Required: Prepare a statement of retained earnings 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 owner's equity, enter that amount as a negative number using a minus sign