Financial information related to Plexiglass Interiors for October and November 2010 is as follows:

a. Prepare balance sheets for Plexiglass Interiors as of October 31 and as of November 30, 2010.

b. Determine the amount of net income for November, assuming that no additional capital stock was issued and no dividends were paid during the month.

c. Determine the amount of net income for November, assuming that no additional capital stock was issued but dividends of $37,500 were paid during the month.

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Accounts payable Accounts receivable Capital stock October 31, 2010 $ 46,200 102,000 50,000 Cash ? Retained earnings 180,000 Supplies 9,000 November 30, 2010 $ 49,800 117,375 50,000 ? 306,000 7.500