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 common stock was $120,000 and the retained earnings was $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock.
Line Item Description | Amount |
---|---|
Accounts payable | $2,000 |
Accounts receivable | 10,340 |
Cash | 21,420 |
Fees earned | 73,450 |
Land | 47,000 |
Building | 157,630 |
Miscellaneous expense | 1,030 |
Office expense | 1,240 |
Supplies | 1,670 |
Wages expense | 23,550 |
Dividends | 16,570 |
Prepare a statement of stockholders' equity for the current year ended March 31. If a net loss is incurred or there is a decrease in stockholders' equity, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank.
Line Item Description | Common Stock | Retained Earnings | Total |
---|---|---|---|
CashBalances, April 1Balances, March 31Net incomeNet loss | $- Select - | $- Select - | $- Select - |
Fees earnedIssued common stockOffice expenseMiscellaneous expenseWages expense | - Select - | - Select - | - Select - |
CashBalances, April 1Balances, March 31Net incomeNet loss | - Select - | - Select - | - Select - |
DividendsFees earnedOffice expenseMiscellaneous expenseWages expense | - Select - | - Select - | - Select - |
CashBalances, April 1Balances, March 31Net incomeNet loss | $- Select - | $- Select - | $- Select - |
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