Balance Sheets, Net Income Financial information related to the corporation of Ebony Interiors for February and March 2018 is as follows: February 28, 2018 March 31, 2018 Cash 179,400 304,500 Accounts receivable 101,700 116,800 Supplies 9,000 7.500 Accounts payable 46,000 49,700 Common stock 130,000 130,000 Retained earnings ? ? a. Prepare balance sheets for Ebony Interiors as of February 28, 2018, Ebony Interiors Balance Sheet February 28, 2018 Assets Cash $ 179.400 Accounts receivable 101.700 Supplies 9.000 290,100 Total assets Total assets 290.100 Liabilities Accounts payable v 16.000 Stockholders' Equity 130,000 Common stock Retained earnings 114.100 Total stockholders' equity 244.100 290.100 Total liabilities and stockholders' equity Feeds Check My Work a Recall that the balance sheet is a formal presentation of the accounting ouation, such that totalamuste valties and the equity Lemigo 5 Prepare balance sheets for Ebony Interiors as of March 31, 2018, Ebony Interiors Balance Sheet March 31, 2018 Assets Prepare balance sheets for Ebony Interiors as of March 31, 2018 Ebony Interiors Balance Sheet March 31, 2018 Cash 301.500 Accounts receivable 116.000 Supplies 7.500 Total assets 420,000 Accounts payable 40.700 Stockholders Louit 130,000 Common stock Retained earnings 249.100 Total stockholders equity 370.1007 420,000 Total abilities and stockholders equity Totallibilities and stockholders' equity 421,800 Recall that the balance sheet a formal presentation of the accounting ation och saltat assets must equal todaberies and stockholm Guy Learning Obiective I. Determine the amount of net income for March, assuming that no additional common stock was insed and no dividends were paid during the month 105,000 Determine the amount of net income for March, assuming that no additional common stock was issued, but evidence of $37.00 were paid during the month 97,700 X Cheyen Not income is the difference between the stockholders' equity amount and of February and end of March The increase in stockholders'ul between February and March us the best to the netices Chaw Wor Partially corred