Financial information related to the proprietorship of Ebony Interiors for February and March 2019 is as follows: February 29, 2019 March 31, 2019 Accounts payable $400,000 $310,000 Accounts receivable 800,000 960,000 Cash 320,000 380,000 Justin Berk, capital ? Supplies 30,000 35,000 a. Prepare balance sheets for Ebony Interiors as of February 29 and March 31, 2019 b. Determine the amount of net income for March, assuming that the owner made no additional investments or withdrawals during the month c. Determine the amount of net income for March, assuming that the owner made no additional investments but withdrew $50,000 during the month.

Financial information related to the proprietorship of Ebony Interiors for February and March 2019 is as follows: February 29, 2019 March 31, 2019 Accounts payable $400,000 $310,000 Accounts receivable 800,000 960,000 Cash 320,000 380,000 Justin Berk, capital ? Supplies 30,000 35,000 a. Prepare balance sheets for Ebony Interiors as of February 29 and March 31, 2019 b. Determine the amount of net income for March, assuming that the owner made no additional investments or withdrawals during the month c. Determine the amount of net income for March, assuming that the owner made no additional investments but withdrew $50,000 during the month.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 18P: Comprehensive Selected transactions of Shadrach Computer Corporation during November and December of...

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