Balance sheets, net income OBJ. 5 Financial information related to Ebony Interiors for February and March 2016 is as follows:

February 29, 2016 March 31, 2016 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 29 and March 31, 2016.

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 wer e paid during the month.