The Assets and Liabilities of Thompson Computer Services at March

question 140

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 common stock was $120,000 and the retained earnings was $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Use this information the answer the questions that follow.
$$\begin{array} { l r l r } \text { Accounts payable } & \$ 2,000 & \text { Miscellaneous expense } & \$ 1,030 \\\text { Accounts receivable } & 10,340 & \text { Office expense } & 1,240 \\\text { Cash } & 21,420 & \text { Supplies } & 1,670 \\\text { Fees earned } & 73,450 & \text { Wages expense } & 23,550 \\\text { Land } & 47,000 & \text { Dividends } & 16,570 \\\text { Building } & 157,630 & &\end{array}$$ ​
-Prepare a balance sheet for the current year ended March 31.

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Definitions:

Goods

Tangible personal property that can be bought, sold, or exchanged, excluding money and intangible assets.

Qualified Privileges

Qualified Privileges are exemptions in defamation law that protect individuals from lawsuits when making statements in certain contexts, provided the statements were made without malice.

Defence Loss

A term not generally recognized in legal diction; likely refers to losses incurred by the defense side in litigation or a defense's failure in legal strategy.

Imitation Seiko

A counterfeit or copy of a watch made by the Seiko brand, typically of lower quality and cost.