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   Balance Sheets, Net Income

   Financial information related to Ebony Interiors for February and March 20Y3 is as follows:

   	February 28, 20Y3		March 31, 20Y3
   Cash	$320,000		$380,000
   Accounts receivable	800,000		960,000
   Supplies	30,000		35,000
   Accounts payable	310,000		400,000
   Common stock	200,000		200,000
   Retained earnings	?		?

   a. Prepare a balance sheet for Ebony Interiors as of February 28, 20Y3. Enter assets in order of liquidity (how quickly they can be converted to cash).

   Ebony Interiors
   Balance Sheet
   February 28, 20Y3
   Assets
   	$------------
   	----------------
   	----------------
   Total assets		$-------------
   Liabilities
   		$------------------
   Stockholders' Equity
   	$--------------
   	-----------------
   Total stockholders' equity		--------------
   Total liabilities and stockholders' equity		$------------

   Prepare a balance sheet for Ebony Interiors as of March 31, 20Y3.

   Ebony Interiors
   Balance Sheet
   March 31, 20Y3
   Assets
   	$-------------
   	-----------------
   	------------------
   Total assets		$----------
   Liabilities
   		$------------
   Stockholders' Equity
   	$-------------
   	-----------
   Total stockholders' equity		-------------
   Total liabilities and stockholders' equity		$-------------

   b. Determine the amount of net income for March, assuming that no additional common stock was issued and no dividends were paid during the month. $-----------------

   c. Determine the amount of net income for March, assuming that no additional common stock was issued, but dividends of $50,000 were paid during the month. $--------------