Financial information related to Montana Interiors for October and November 20Y8 is as follows:

		October 31, 20Y8		November 30, 20Y8
Accounts payable		$ 40,000		$ 65,000
Accounts receivable		75,000		118,000
Capital stock		60,000		60,000
Retained earnings		?		?
Cash		110,000		140,000
Supplies		15,000		20,000

Question Content Area

a. Prepare balance sheet for Montana Interiors as of October 31, 20Y8.

Assets
Accounts payableCapital stockCashRetained earnings		$- Select -
Accounts payableAccounts receivableCapital stockRetained earnings		- Select -
Accounts payableCapital stockRetained earningsSupplies		- Select -
Total assets		$fill in the blank 78cd6700205a012_7
Liabilities
Accounts payableAccounts receivableCapital stockRetained earnings		$- Select -
Stockholders' Equity
Accounts payableAccounts receivableCapital stockCash	$- Select -
Accounts payableAccounts receivableCashRetained earnings	- Select -	- Select -
Total liabilities and stockholders' equity		$fill in the blank 78cd6700205a012_15

Question Content Area

Prepare balance sheet for Montana Interiors as of November 30, 20Y8.

Assets
Accounts payableCapital stockCashRetained earnings		$- Select -
Accounts payableAccounts receivableCapital stockRetained earnings		- Select -
Accounts payableCapital stockRetained earningsSupplies		- Select -
Total assets		$fill in the blank 316e0efeefd4070_7
Liabilities
Accounts payableAccounts receivableCapital stockCashRetained earningsSupplies		$- Select -
Stockholders' Equity
Accounts payableAccounts receivableCapital stockCash	$- Select -
Accounts payableAccounts receivableCashRetained earnings	- Select -	- Select -
Total liabilities and stockholders' equity		$fill in the blank 316e0efeefd4070_15

Question Content Area

b. Determine the amount of net income for November, assuming that no additional capital stock was issued and no dividends were paid during the month. $fill in the blank e63aa2fb3068059_1

c. Determine the amount of net income for November, assuming that no additional capital stock was issued but dividends of $20,000 were paid during the month. $fill in the blank e63aa2fb3068059_2