Question

The assets and liabilities of Thompson Computer Services at March 31, the end of the current...

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 $180,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year.

Accounts

Amount

Accounts

Amount

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 Drawing 16,570
Building 157,630

Required:

Prepare a statement of owner’s equity for Thompson Computer Services for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign.

Labels
For the Year Ended March 31
Amount Descriptions
Additional investment by owner during year
Decrease in owner’s equity
Increase in owner’s equity
Net income for the year
Net loss for the year
Thompson, capital, April 1
Thompson, capital, March 31
Withdrawals

Homework Answers

Answer #1

Answer :

Statement of owner's equity for the current year ended March 31

Capital, April 1, tge beginning 180000
Additional investment by owner during year 25000 -
Net income (Working Note ) 47630 -
Sub total 72630 -
Less Withdrawals 16570 -
Increase in owner's equity - 56060
Thomson's capital March 31 - 236060

Working Notes

Income statement

Fees Earned 73450
Less : Expenses - -
Miscellanceous expense 1030 -
Office Expenses 1240 -
Wages Expense 23550 -
Total Expenses - 25820
Net Income - 47630
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