The Assets and Liabilities of Thompson Computer Services at March

question 210

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 statement of owner's equity for Thompson Computer Services for the current year ended March 31.

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Definitions:

Buildings

Structures such as offices, warehouses, and factories owned by a company for the purpose of conducting business operations.

Chart Of Accounts

A systematic list of all account titles and numbers used by a business to organize its financial transactions and prepare financial statements.

Alphabetize

The act of arranging words or other textual elements in order according to the sequence of the letters in the alphabet.

Financial Statements

Documents offering a summary of a corporation's financial status, encompassing the balance sheet, income statement, and statement of cash flows.