The Assets and Liabilities of Thompson Computer Services at March

question 69

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 statement of stockholder's equity for the current year ended March 31.

---

Definitions:

Hinged Shell

A shell structure composed of two parts connected by a flexible hinge, allowing the shell to open and close, commonly seen in bivalves like clams and oysters.

Bivalves

Aquatic molluscs that have a shell divided into two hinged parts, such as clams, oysters, mussels, and scallops.

Tubular Gut

A digestive system design where the gut forms a continuous tube through which food travels from mouth to anus.

Mollusk Group

A classification of invertebrates with a soft body, many of which have a hard external shell, including species like snails, clams, and squids.