Transactions

Speedy Delivery Service is owned and operated by Kris Meyers. The following selected transactions were compled by Speedy During March:

Indicate the effect of each transaction on the following accounting equation elements $($Assets; Liabilities; Kris Meyers, Capital; Kris Meyers, Drawing; Revenue; and Expenses$).$ Also indicate

the specific item within the accounting equation element that is affected. To illustrate, the answer to $(1)$ follows:

Asset $($Cash$)$ increases by $$30,000$; Kris Meyers, Capital increases by $$30,000.$

Received cash as an additional investment from Kris Meyers, $$30,000.$

Speedy Delivery Service is owned and operated by Kris Meyers. The following selected transactions were

Indicate the effect of each transaction on the following accounting equation elements $($Assets; Liabilities; Kris Meyers, Capital; Kris Meyers, Drawing; Revenue; and Expenses$).$ Also indicat

the specific item within the accounting equation element that is affected. To illustrate, the answer to $(1)$ follows:

Asset $($Cash$)$ increases by $$30,000$; Kris Meyers, Capital increases by $$30,000.$

Speedy Delivery Service is owned and operated by Kris Meyers. The following

selected transactions were completed by Speedy Delivery during March:

Indicate the effect of each transaction on the following accounting equation

elements $($Assets; Liabilities; Kris Meyers, Capital; Kris Meyers, Drawing;

Revenue; and Expenses$).$ Also indicate the specific item within the accounting

equation element that is affected. To illustrate, the answer to $(1)$ follows:

Asset $($Cash$)$ increases by $$30,000$; Kris Meyers, Capital increases by $$30,000.$

The assets and liabilities of Thompson Computer Services at March $31,$ the end of the current fiscal year, and its revenue and expenses for the

year follow. Mike Thompson, Capital, had a balance of $$180,000$ at April $1,$ the beginning of the current year. During the year, the owner invested

an additional $$25,000.$

Prepare an income statement for the current year ended March $31.$