Question

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 $193,200 at april 1, the beginning of the current year. mr. thompson invested an additional $16,100 in the business during the year. accounts payable $1,200 miscellaneous expense $420 accounts receivable 10,760 office expense 370 cash 31,400 supplies 1,670 fees earned 70,060 wages expense 34,580 land 47,500 drawing 4,400 building 150,060 prepare a balance sheet for thompson computer services for the current year ended march 31. thompson computer services balance sheet march 31 assets total assets liabilities owners equity total liabilities and owners equity

Explanation:

Step1: Calculate total assets

Add up all asset - related amounts: $31400 (Cash)+10760 (Accounts Receivable)+1670 (Supplies)+47500 (Land)+150060 (Building) = 241390$.

Step2: Determine total liabilities

The only liability given is Accounts Payable, which is $1200$.

Step3: Calculate net income

Net income = Fees earned - (Miscellaneous expense + Office expense+Wages expense) = $70060-(420 + 370+34580)=34690$.

Step4: Calculate ending owner's equity

Beginning owner's equity = $193200$, additional investment = $16100$, drawing = $4400$, net income = $34690$. Ending owner's equity=$193200 + 16100+34690 - 4400=239590$.

Step5: Calculate total liabilities and owner's equity

Total liabilities and owner's equity = Total liabilities+Ending owner's equity = $1200+239590 = 240790$.

Answer:

Assets	Amount	Liabilities	Amount	Owner's Equity	Amount	Total Liabilities and Owner's Equity	Amount
Accounts Receivable	$10760$			Additional Investment	$16100$
Supplies	$1670$			Net Income	$34690$
Land	$47500$			Less: Drawing	$4400$
Building	$150060$			Ending Owner's Equity	$239590$
Total Assets	$241390$					$240790$