Balance Sheets, Net Income

Financial information related to Montana Interiors for October and November 20Y8 is as follows:

		October 31, 20Y8		November 30, 20Y8
Accounts payable		$ 40,000		$ 65,000
Accounts receivable		75,000		118,000
Capital stock		60,000		60,000
Retained earnings		?		?
Cash		110,000		140,000
Supplies		15,000		20,000

a. Prepare balance sheet for Montana Interiors as of October 31, 20Y8.

Montana Interiors
Balance Sheet
October 31, 20Y8
Assets
		$
Total assets		$
Liabilities
		$
Stockholders' Equity
	$
Total liabilities and stockholders' equity		$

Prepare balance sheet for Montana Interiors as of November 30, 20Y8.

Montana Interiors
Balance Sheet
November 30, 20Y8
Assets
		$
Total assets		$
Liabilities
		$
Stockholders' Equity
	$
Total liabilities and stockholders' equity		$

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 $20,000 were paid during the month. $