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Name: April 10, 2019 The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and

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Name: April 10, 2019 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 $ retained earnings were $60,000 at April I, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock 1,030 1,240 1,670 23,550 16,570 S 2,000 Miscellaneous expense Accounts payable Accounts receivable Cash Fees earned Land Building 10,340 Office expense 21,420 Supplies 73,450 Wages expense 47,000 Dividends 157,630 Prepare an income statement, statement of retained earnings, and balance sheet as of March 31. Write down the account name on the question marks and the amount on the $ sign. 9 POINTS Thompson's Computer Services Income Statement For the Year Ended March 31 Fees Earned Expenses: Wages Expense Total Expenses 6 On July I of the current year, the assets and liahilia Cash, $27,000, Accounts 8 POINTS Thompson's Computer Services Saneman d Reied aig For the Year Ended March 31 Thompson's Retained Earnings April 1 Less; ? Thompson's retained earnings March 31 14 POINTS Thompson's Computer Services Balance Sheet March 31 Assets Liabilities Cash 21,420? Stockholders' Equity Common Stock Total Stockholders"S Equity 238,060 Total Liabilities and 238,060 Total Assets Stockholders' Equity O POINTS (2 points each transaction date) ounalize the folowing f five transactions for Nexium& Associates, Inc. Omit explanations. Bills are sent to elients for services March 1 provided in February in the amount of $800. 9 Corner Office, Inc. delivers office furniture ($1,060) and office supplies (5160) to Nexium, leaving an invoice for $1,220 15 Payment is made to Comer Office, Inc. for the fumiture and office supplies delivered on March 9, 23 A bill for $430 for electricity for the month of March is received and will be paid on its due date in April. 1 Salaries of $850 are paid to employees Date March 1 Account Name Debit Credit March 9 March 15 March 23 March 31 9 POINTS Using periodic inventory system, calculate the sales, cost of merchandise sold gross profit, and ending for each cost flow assumption. Show your work. RouND TD ME NEAREST O OOLAR April 3 Inventory 24 unitsS10 11 Purchase 26 unitsS12 14 Sale 36 units 21 Purchase 18 unitsS15 25 Sale 20 units Selling price per unit-$25 FIFO LIFO WAC Sales 1,400.00 1,400.00 1,400.00 Cost of merchandise Sold Gross Profit Ending Inventory Boous Question: culate the cost of merchandise sold, gross profit and ending inventory as of September 30. Show your work Sep. I Sep. 1-30 Sep. 1-30 Merchandise inventory (at cost) Purchases, net (at cost) Sales $125,000 300,000 150,000 Gross profit percentage-35% 1. Cost of Merchandise Sold- 2. Gross Profit- 3. Ending Inventory

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