Module $1$ Problem Set Question Content AreaBalance sheets, net incomeFinancial information related to the corporation of Ebony Interiors for February and March $20$Y$3$ is as follows:Line Item DescriptionFebruary $28,20$Y$3$March $31,20$Y$3$Cash$$206,700$ $$350,900$ Accounts receivable$117,100134,600$ Supplies$10,3008,600$ Accounts payable$53,00057,200$ Common stock$130,000130,000$ Retained earnings? $?$ Question Content Areaa. Prepare balance sheets for Ebony Interiors as of February $28,20$Y$3.$Ebony InteriorsBalance SheetFebruary $28,20$Y$3$Line Item DescriptionAmountAmountAssetsblankblankblank$CashblankAccounts receivableblankSuppliesTotal assets$Total assetsLiabilitiesblank$Accounts payableStockholders Equityblank$Common stockRetained earningsTotal stockholders equityTotal stockholders equityTotal liabilities and stockholders equity$Total liabilities and stockholders equityFeedback AreaFeedbacka. Recall that the balance sheet is a formal presentation of the accounting equation, such that total assets must equal total liabilities and stockholders' equity.Question Content AreaPrepare balance sheets for Ebony Interiors as of March $31,20$Y$3.$Ebony InteriorsBalance SheetMarch $31,20$Y$3$Line Item DescriptionAmountAmountAssetsblankblankblank$CashblankAccounts receivableblankSuppliesTotal assets$Total assetsLiabilitiesblank$Accounts payableStockholders Equityblank$Common stockRetained earningsTotal stockholders equityTotal stockholders equityTotal liabilities and stockholders equity$Total liabilities and stockholders equityFeedback AreaFeedbacka. Recall that the balance sheet is a formal presentation of the accounting equation, such that total assets must equal total liabilities and stockholders' equity.Question Content Areab. Determine the amount of net income for March, assuming that no additional common stock was issued and no dividends were paid during the month.fill in the blank $1$ of $1$$c$.$ Determine the amount of net income for March, assuming that no additional common stock was issued, but dividends of $$42,900$ were paid during the month.fill in the blank $1$ of $1$$Feedback AreaFeedbackb. Net income is the difference between the stockholders' equity amounts at the end of February and the end of March.c$.$ The increase in stockholders' equity between February and March plus the dividends will be equal to the net income.Feedback AreaFeedbackPartially correctCheck My WorkPreviousNext