The Assets and Liabilities of Thompson Computer Services at March

question 162

Essay

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.
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$$\begin{array} { l r l r } \text { Accounts payable } & \$ 2,000 & \text { Miscellaneous expense } & \$ 1,030 \\\text { Accounts receivable } & 10,340 & \text { Office expense } & 1,240 \\\text { Cash } & 21,420 & \text { Supplies } & 1,670 \\\text { Fees earned } & 73,450 & \text { Wages expense } & 23,550 \\\text { Land } & 47,000 & \text { Drawing } & 16,570 \\\text { Building } & 157,630 & &\end{array}$$
-Prepare an income statement for the current year ended March 31.

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Definitions:

Alberta Court

A term referring to the judicial systems and courts operating within the province of Alberta, Canada.

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A metal or plastic plaque issued by governmental authorities that is attached to a vehicle for official identification purposes.

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Administrative Tribunal

A specialized government body that adjudicates disputes, typically in administrative and regulatory matters, operating outside the formal court system.