Question
eBook Show Me How Balance Sheets, Net Income Financial information related to Ebony Interiors for February and March 20Y3 is as follows: February 28, 20Y3
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eBook
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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. $--------------
eBook
Show Me How
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. $--------------
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Intermediate Accounting
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
10th Canadian Edition, Volume 1
978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736
