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 follow. The capital of the owner was $185,200 at April 1, the beginning of the current year. Mr. Thompson invested an additional $15,200 in the business during the year. Accounts payable $1,200 Miscellaneous expense $470
Accounts receivable 9,860 Office expense 690
Cash 32,300 Supplies 1,670
Fees earned 82,110 Wages expense 34,330
Land 47,500 Drawing 5,400
Building 151,490

Required:
Prepare a statement of owner's equity for Thompson Computer Services for the current year ended March 31.

Minneapolis federal reserve bank economist edward prescott estimates the elasticity of the u.s. labor supply to be 3. given this elasticity, what would be the impact of funding the social security program with tax increases on the number of hours worked and on the amount of taxes collected to fund social security?

Ida sidha karya company is a family-owned company located on the island of bali in indonesia. the company produces a handcrafted balinese musical instrument called a gamelan that is similar to a xylophone. the gamelans are sold for $860. selected data for the company’s operations last year follow: units in beginning inventory 0 units produced 320 units sold 285 units in ending inventory 35 variable costs per unit: direct materials $ 135 direct labor $ 355 variable manufacturing overhead $ 30 variable selling and administrative $ 15 fixed costs: fixed manufacturing overhead $ 64,000 fixed selling and administrative $ 27,000 the absorption costing income statement prepared by the company’s accountant for last year appears below: sales $ 245,100 cost of goods sold 205,200 gross margin 39,900 selling and administrative expense 31,275 net operating income $ 8,625 required: 1. under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. prepare an income statement for last year using variable costing. what is the amount of the difference in net operating income between the two costing methods?

Experienced problem solvers always consider both the value and units of their answer to a problem. why?