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need help with these 4 questions plz Prepare balance sheets for Ebony Interiors as of March 31, 2018. Feedback a. Recall that the balance sheet
need help with these 4 questions plz
Prepare balance sheets for Ebony Interiors as of March 31, 2018. Feedback a. Recall that the balance sheet is a formal presentation of the accounting equation, such that total assets must equal total liabilities and stockholders' equity. Learning Objective 5 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. $x c. Determine the amount of net income for March, assuming that no additional common stock was issued, but dividends of $23,500 were paid during the month. Net Income and Stockholders' Equity for Four Businesses Four different corporations, Aries, Gemini, Leo, and Pisces, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders' equity, are summarized as follows: On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the year. (Hint: First, determine the amount of increase or decrease in stockholders' equity during the year.) Aries: No additional common stock was issued, and no dividends were paid. Gemini: No additional common stock was issued, but dividends of $6,400 were paid. Leo: Additional common stock of $32,600 was issued, but no dividends were paid. Pisces: Additional common stock of $41,000 was issued, and dividends of $8,100 we Enter all amounts as positive numbers. b. On October 1 , the accounts receivable account balance was $45,500. During October, $395,800 was collected from customers on account. Assuming the October 31 balance was $52,300, determine the fees billed to customers on account during October. $ c. On April 1 , the cash account balance was $21,010. During April, cash receipts totaled $319,350 and the April 30 balance was $15,130. Determine the cash payments made during April. Accounting Equation Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31,20Y2, Inspirational has assets of $849,710 and liabilities of $268,510. Using the accounting equation and considering each case independently, determine the following amounts: a. Stockholders' equity as of October 31,20Y2. $ b. Stockholders' equity as of October 31,20Y3, assuming that assets increased by $134,250 and liabilities increased by $80,720 during 20Y3. $ c. Stockholders' equity as of October 31,20Y3, assuming that assets decreased by $67,130 and liabilities increased by $23,790 during 20Y3. $ d. Stockholders' equity as of October 31,20Y3, assuming that assets increased by $112,160 and liabilities decreased by $42,490 during 20Y3. $ e. Net income (or net loss) during 20Y3, assuming that as of October 31,20Y3, assets were $1,070,630, liabilities were $174,190, and no additional common stock was issued or dividends paid. $ Step by Step Solution
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