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.

---

Definitions:

Absentee Fathers

Absentee fathers are fathers who are physically or emotionally absent from their children's lives, often leading to a range of psychological and social issues for the children.

Single-Mother Family

A family structure where a woman raises her child or children without the involvement of the father or a male partner, due to various circumstances.

Economic

Economic refers to anything related to the production, distribution, and consumption of goods and services, and how they affect the wealth of a society or an individual.

Traditional Nuclear Family

A family structure typically consisting of two parents (one male, one female) and their biological children living together.