Question
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
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 follow. The capital of the owner was $189,700 at April 1, the beginning of the current year. Mr. Thompson invested an additional $16,600 in the business during the year. Accounts payable $1,200 Miscellaneous expense $450 Accounts receivable 9,860 Office expense 330 Cash 33,200 Supplies 1,670 Fees earned 72,780 Wages expense 27,820 Land 46,600 Drawing 4,500 155,850 Building Prepare a balance sheet for Thompson Computer Services for the current year ended March 31 Thompson Computer Services Balance Sheet Fees earned Wages expense March 31 Assets 72,780 27,820 Miscellaneous expense 450 Thompson, drawing Total assets Liabilities Owner's Equity Thompson, drawing Total liabilities and owner's equity
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