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 are listed below. The capital of the owner was $188,600 at April 1, the beginning of the current year. Mr. Thompson invested an additional $15,000 in the business during the year. Accounts Amount Accounts Amount Accounts payable $1200 Miscellaneous expense $580 Accounts receivable 10,759 Office expense 310 Cash 30,485 Supplies 1,670 Fees earned 76,430 Wages expense 34,440 Land 48,416 Drawing 4,100 Building 150,470 Required: Prepare a balance sheet for Thompson Computer Services for the current year ended March 31.
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