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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
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 capital of the owner was $190,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year. Accounts payable Accounts receivable $1,200 12.340) Miscellaneous expense $450 Office expense 590 Cash 32,990 Supplies 1,670 Fees earned 69,090 Wages expense 25,580 Land 65,000 Drawing 3,000 Building 143,670 Prepare an income statement for the current year ended March 31, Thompson Computer Services Income Statement For the Year Ended March 31 Cash Expenses: Total expenses
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