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 $190,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year. Accounts payable $1,200 Miscellaneous expense $370 Accounts receivable 12,340 Office expense 560 Cash 32,990 Supplies 1,670 Fees earned 68,980 Wages expense 25,580 Land 65,000 Drawing 3,000 Building 143,670 Prepare an income statement for the current year ended March 31. Thompson Computer Services Income Statement For the Year Ended March 31

                          Thompson Computer Services

             Income statement  for the current year ended March 31.

            Particulars                            Amount

Fees Earned                                          $68,980

Expenses

Miscellaneous expense      $370

Office expense                    $560

Wages expense                  $25,580

Total Expenses                                      $26,510

NET INCOME                                         $42.470

answer; ///i believe that the correct answer is (a) it is the means by which a person earns money;

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.