Balance Sheets, Net Income

Financial information related to the proprietorship of Rockwell Interiors for February and March 20Y0 is as follows:

February 29, 20Y0March 31, 20Y0

Accounts payable$280,000 $360,000

Accounts receivable720,000 870,000

Cash290,000 340,000

David Patel, capital? ?

Supplies30,000 32,000

a. Prepare balance sheets for Rockwell Interiors as of February 29 and March 31, 20Y0. Enter assets in order of liquidity (how quickly they can be converted to cash).

Rockwell Interiors

Balance Sheet

February 29, 20Y0

Assets

$fill in the blank 9076650aaf84fbb_2

fill in the blank 9076650aaf84fbb_4

fill in the blank 9076650aaf84fbb_6

Total assets$fill in the blank 9076650aaf84fbb_7

Liabilities

$fill in the blank 9076650aaf84fbb_9

Owner's Equity

fill in the blank 9076650aaf84fbb_11

Total liabilities and owner's equity$fill in the blank 9076650aaf84fbb_12

Prepare a balance sheet for Rockwell Interiors as of March 31, 20Y0.

Rockwell Interiors

Balance Sheet

March 31, 20Y0

Assets

$fill in the blank 9f7d7cfd1fbffc9_2

fill in the blank 9f7d7cfd1fbffc9_4

fill in the blank 9f7d7cfd1fbffc9_6

Total assets$fill in the blank 9f7d7cfd1fbffc9_7

Liabilities

$fill in the blank 9f7d7cfd1fbffc9_9

Owner's Equity

fill in the blank 9f7d7cfd1fbffc9_11

Total liabilities and owner's equity$fill in the blank 9f7d7cfd1fbffc9_12

b. Determine the amount of net income for March, assuming that the owner made no additional investments or withdrawals during the month.

$fill in the blank 49fdab041018fbe_1

c. Determine the amount of net income for March, assuming that the owner made no additional investments but withdrew $50,000 during the month.

$fill in the blank 49fdab041018fbe_2

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