Question Would you please also show work? Balance sheets, net income Financial information related to Ebony Interiors for Februaryand March 2014 is as follows: February 28, 2014 March 31, 2014 Accounts payable $310,000 $400,000 Accounts receivable 800,000 960,000 Capital stock 200,000 200,000 Cash 320,000 380,000 Retained earnings ? ? Supplies 30,000 35,000 a. Prepare balance sheets for Ebony Interiors as of February 28and March 31, 2014. b. Determine the amount of net income for March, assuming thatno additional capital stock was issued and no dividends were paidduring the month. c. Determine the amount of net income for March, assuming thatno additional capital stock was issued but dividends of $50,000were paid during the month.
Question
Would you please also show work?
Balance sheets, net income
Financial information related to Ebony Interiors for Februaryand March 2014 is as follows:
|
|
February 28, 2014 |
March 31, 2014 |
|
Accounts payable |
$310,000 |
$400,000 |
|
Accounts receivable |
800,000 |
960,000 |
|
Capital stock |
200,000 |
200,000 |
|
Cash |
320,000 |
380,000 |
|
Retained earnings |
? |
? |
|
Supplies |
30,000 |
35,000 |
a. Prepare balance sheets for Ebony Interiors as of February 28and March 31, 2014.
b. Determine the amount of net income for March, assuming thatno additional capital stock was issued and no dividends were paidduring the month.
c. Determine the amount of net income for March, assuming thatno additional capital stock was issued but dividends of $50,000were paid during the month.
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