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

February 28, 20Y3March 31, 20Y3Cash$320,000$380,000Accounts receivable800,000960,000Supplies30,00035,000Accounts payable310,000400,000Common stock200,000200,000Retained earnings??

Prepare balance sheets for Ebony Interiors as of February 28 and March 31, 20Y3.

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