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 were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Accounts payable $2,000 Miscellaneous expense $1,030 Accounts receivable 10,340 Office expense 1,240 Cash 21,420 Supplies 1,670 Fees earned 73,450 Wages expense 23,550 Land 47,000 Dividends 16,570 Building 157,630 Prepare a statement of stockholders' equity for the current year ended March 31. If a net loss is incurred or there is a decrease in stockholders' equity, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank. Thompson Computer Services Statement of Stockholders’ Equity For the Year Ended March 31 Common Stock Retained Earnings Total $ $ $ $ $ $

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Answer:

$236,060

Explanation:

Thompson Computer Services Statement of stockholder's equity for the year ended March 31

Beginning common stock $120,000

Add:

Additional stock purchased $25,000

Retained earnings $60,000

Net income $47,630

Less: Dividends $16,570

Ending retained earnings $91,060

(60,000+47,630-16,570)

Ending stockholder's equity $236,060

(120,000+91,060+25,000)

Calculation of Thompson Computer Services Net income

Fees earned 73,450

Less:Miscellaneous expense $1,030

Office expense 1,240

Wages expense 23,550

Balance 47,630

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