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Balance sheet, Net income

Financial information related to the PROPRIETORSHIP of Ebony Interiors for February and March 2014 is as follows:

	28-Feb-14	March 31, 2014
Accounts payable	$310,000	$400,00
Accounts receivable	800,000	960,000
Cash	320,000	380,000
Justin Berk, capital	?	?
Supplies	30,000	35,000

A. Prepare a balance sheet for Ebony Interiors as of Feb. 28,2014. Enter ASSETS in order of liquidity ( how quickly they can be converted to cash).

Ebony Interior	Balance sheet	Feb.28, 2014
Assets
Liabillities
Owner's Equity

Perpare a balance sheet for Ebony Interiors as of March 31, 2014

Balance Sheet
Assets
Liabilities
Owner's Equity

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__________.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91736825

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