The Assets and Liabilities of Thompson Computer Services at March

question 113

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 a balance sheet for Thompson Computer Services for the current year ended March 31.

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Definitions:

Corn Farmer

An agricultural professional focused on the cultivation and production of corn crops.

Auto Glass

Glass used in the manufacture of vehicle windows and windshields, specifically designed for durability and safety.

Financial Reserves

Financial reserves are funds set aside by a company or organization to be used in emergencies or to meet future obligations and unforeseen costs.

Capacity

The maximum level of output that a company can sustain to make a product or provide a service.