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Exam 1 E Calculator Labels and Amount Descriptions Instructions Balance Sheet Labels and Amount Descriptions Instructions Balance Sheet The assets and liabilities of Thompson Computer Services at March 31, the end of Labels Prepare a balance sheet for the current year ended March 31. Be sure to complete the statement heading. the current year, and its revenue and expenses for the year are listed below. The Expenses Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact common stock was $116,700 and the retained earnings were $59,300 at April 1, the For the Year Ended March 31 wording of the answer choices for text entries. beginning of the current year. During the year, shareholders purchased an additional March 31 $24.700 in stock. Amount Descriptions Thompson's Computer Services Balances, April1 Accounts Amount Accounts Amount Balance Sheet Accounts payable $1,950 Miscellaneous $1,020 Balances, April 30 For the Year Ended March 31 expense Common stock 10,430 Office expense Accounts 1,200 Dividends Assets receivable Net income 19,630 Cash Supplies 1,670 Net loss Wages expense Fees earned 70,330 22,000 Retained earnings 45,600 15,930 Land Dividends Total assets Building 155,500 Total expenses Total liabilities and stockholders' equity Required: Prepare a balance sheet for the current year ended March 31. Be sure to Liabilities complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording Stockholders' Equity 10 of the answer choices for text entries. 11 12 13 Labels and Amount Descriptions Instructions Income Statement Instructions Income Statement Labels and Amount Descriptions The assets and liabilities of Thompson Computer Services at March 31, the end of the current Labels Prepare an income statement for the current year ended March 31. Be sure to complete the statement heading. year, and its revenue and expenses for the year are listed below. The common stock was Expenses Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of $120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. For the Year Ended March 31 the answer choices for text entries. You will not need to enter colons (:) on the income statement. During the year, shareholders purchased an additional $25,000 in stock. March 31 Amount Descriptions Accounts Amount Accounts Amount Thompson's Computer Services Accounts payable Miscellaneous expense Balances, April 1 $2,000 $410 Income Statement Accounts receivable Balances, April 30 Office expense 10,340 550 1,670 Common stock Cash 21,420 Supplies (Label) Fees earned 75,080 25,640 Dividends Wages expense Net income Land 47,000 Dividends 16,570 2 (Label) Net loss Building 157,630 Retained earnings Required: Total assets Prepare an income statement for the current year ended March 31. Be sure to Total expenses complete the statement heading. Refer to the lists of Accounts in the information Total liabilities and stockholders" given, Labels, and Amount Descriptions for the exact wording of the answer choices equity for text entries. You will not need to enter colons (:) on the income statement