Balance sheets, net income Obj. 5 Financial information related to Ebony Interiors for February and March 20Y3 is as follows:

February 28, 20Y3 March 31, 20Y3 Cash $320,000 $380,000 Accounts receivable 800,000 960,000 Supplies 30,000 35,000 Accounts payable 310,000 400,000 Common stock 200,000 200,000 Retained earnings ? ?

a. Prepare balance sheets for Ebony Interiors as of February 28 and March 31, 20Y3.

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 $50,000 were paid during the month.

AppendixLO1