Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The assets and liabilities of Thompson Computer Services at October 31, the end of the current fiscalyear, and its revenueand expenses for the year are

The assets and liabilities of Thompson Computer Services at October 31, the end of the current fiscalyear, and its revenueand expenses for the year are listed below. The common stock was $120,000 and the retained earnings were $60,000atthe beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock.

Accounts payable

$2,000

Miscellaneous expense

$1,030

Accounts receivable

10,340

Office expense

1,240

Cash

21,420

Supplies

1,670

Fees earned

73,450

Wages expense

23,550

Land

47,000

Dividends

16,570

Building

157,630

1.How would i make a income statement for the current year oct 3?

2.Also how would i Make aretained earnings for the current year ended march 31?

3.Lastly how would i make a balance sheet for Thompson's Computer Service.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Accounting

Authors: Jill Collis, Andrew Holt, Roger Hussey

3rd Edition

113752149X, 9781137521491

More Books

Students also viewed these Accounting questions

Question

=+a) Find the EV for his actions.

Answered: 1 week ago

Question

Get married, do not wait for me

Answered: 1 week ago

Question

Do not pay him, wait until I come

Answered: 1 week ago

Question

Do not get married, wait until I come, etc.

Answered: 1 week ago