Balance Sheets, Net Income

Finanial information related to the proprietorship of Ebony Interiors for February and March 2014 is as follows:

February 28, 2014 March 31, 2014

Accounts payable $310,000 $400,000

Accounts receivable $ 800,000 $960,000

Cash $320,000 $ 380,000

Justin Berk, Capital ? ?

Supplies 30,000 35,000

A. Perpare a balance sheet for Ebony Interiors as of February 28, 2014. Enter assets in order of liquidity (how quickly they can converted to cash).

B. Perpare a balance sheet for Ebony Interiors as of March 31,2014.

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

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