1-21

EX 1-21 Balance sheets, net income OBJ.5 Financial information related to the proprietorship of Rockwell Interiors for February and March 20YO is as follows: February 29, 20YO March 31, 2040 Accounts payable $280,000 $360,000 Accounts receivable 720,000 870,000 Cash 290,000 340,000 David Patel, capital ? ? Supplies 30,000 32,000 a. Prepare balance sheets for Rockwell Interiors as of February 29 and March 31, 20YO. 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. Ex. 1-21 Rockwell Interiors Balance Sheet February 29, 20YO Assets Total Assets Liabilities Owner's Equity Total Liabilities and Owner's Equity Rockwell Interiors Balance Sheet March 31, 2040 Assets Total Assets Liabilities Owner's Equity Total Liabilities and Owner's Equity