Answer: Please see explanation column for answers
Explanation: Given Revenue and expenses
Accounts payable $2,000 Miscellaneous expense $1,030, Accounts receivable 10,340 Office expense 1,240
Cash 21,420, Wagesexpense 23,550 Supplies 1,670 Land 47,000, Building 157,630, Dividends 16,570, Fees earned 73,450
a. income statement for the current year ended March 31.
Fees earned = Revenue
Fees earned 73, 450
Expenses Incurred
Wages expense -$23,550
Miscellaneous expense - $1,030
Office expense -$1,240
Total Expenses 25,820
Net income $47,630
Working : Net income = fees earned ( Revenue )- Total expenses =
$73,450 - $25,820 = $47,630
2.statement of retained earnings for the current year ended March 31.
Retained earning at April 1ST $60,000
Net income $47,630
Dividend $16,570
Retained earnings $91,060
Working
Retained earning = Retained earning from april 1st + Net income -- Dividend
$60,000 + $47,630) - $16,570 = $91,060
3.
A balance sheet is a company's financial statement that shows its assets, liabilities and shareholders' equity to illustrate the financial position of the company showing what the company has as its assets, n is owing , and the amount liable to shareholders.at a particular time. In a balance sheet, Assets must equal Liabilities and Shareholders’ Equity..
Balance sheet for Thompson's Computer Service.
Current assets
Cash $21,420
Account receivables $10,340
Supplies $1,670
Total current assets $33,430
Property land and equipment
Land $47,000
Building $ 157,630
Total Property land and equipment $204,630
Total assets $238,060
Liabilities and equity
Accounts payable $2,000
Stock holder's equity
Common stock $145,000
Retained earnings $91,060
Stock holder's equity $236,000
Total Stock holder's equity and Liabilities $ 238,060
we can see in the balance sheet that Stock holder's equity and Liabilities = Total Assets
