Answer:
Thompson Computer Services
Thompson Computer Services
Statement of Owner's Equity for the current year ended March 31
Capital, Thompson $185,200
Additional investment 15,200
Total Capital, Thompson $200,400
Net income 46,620
Drawing 5,400
Retained earnings $41,220
Owner's Equity $241,620
Explanation:
a) Data and Calculations:
Beginning balance:
Capital, Thompson $185,200
Additional investment 15,200
Total Capital, Thompson $200,400
Cash 32,300
Accounts receivable 9,860
Supplies 1,670
Land 47,500
Building 151,490
Accounts payable $1,200
Capital, Thompson 200,400
Drawing 5,400
Fees earned 82,110
Wages expense 34,330
Miscellaneous expense 470
Office expense 690
Fees earned $82,110
Wages expense 34,330
Miscellaneous expense 470
Office expense 690
Total expenses $35,490
Net income $46,620
Drawing 5,400
Retained earnings $41,220
