Financial information related to the corporation of Ebony Interiors for February and March 2018 is as follows: February 28, 2018March 31, 2018Cash137,300 233,000 Accounts receivable77,800 89,400 Supplies6,900 5,700 Accounts payable$35,200 $38,000 Common stock130,000 130,000 Retained earnings? ? a. Prepare balance sheets for Ebony Interiors as of February 28, 2018.Ebony InteriorsBalance SheetFebruary 28, 2018 EbonyBalance SheetMarch 31, 2018AssetsTotal assetsLiabilitiesStockholders' EquityTotal stockholders' equityTotal liabilities and stockholders' equityb. Determine the amount of net income for March, assuming that no additional common stock was issued and no dividends were paid during the month.C. Determine the amount of net income for March, assuming that no additional common stock was issued, but dividends of $28,500 were paid during the month.%24%24%24%24

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Description: Financial information related to the corporation of Ebony Interiors for February and March 2018 is as follows: February 28, 2018March 31, 2018Cash137,300 233,000 Accounts receivable77,800 89,400 Supplies6,900 5,700 Accounts payable$35,200 $38,000 Com

Balance sheet: A balance sheet is a statement of the financial position of the company which shows…

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Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 22E

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Financial information related to the corporation of Ebony Interiors for February and March 2018 is as follows:

	February 28, 2018	March 31, 2018
Cash	137,300		233,000
Accounts receivable	77,800		89,400
Supplies	6,900		5,700
Accounts payable	$35,200		$38,000
Common stock	130,000		130,000
Retained earnings	?		?

a. Prepare balance sheets for Ebony Interiors as of February 28, 2018.

Ebony InteriorsBalance SheetFebruary 28, 2018

Ebony
Balance Sheet
March 31, 2018
Assets
Total assets
Liabilities
Stockholders' Equity
Total stockholders' equity
Total liabilities and stockholders' equity
b. Determine the amount of net income for March, assuming that no additional common stock was issued and no dividends were paid during the month.
C. Determine the amount of net income for March, assuming that no additional common stock was issued, but dividends of $28,500 were paid during the month.
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