Question
Need help with this problem! Instructions Financial information related to Ebony Interiors for February and March 2013 is as follows: Accounts February 28, 2013 March
Need help with this problem!
Instructions
Financial information related to Ebony Interiors for February and March 2013 is as follows:
Accounts February 28, 2013 March 31, 2013
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 $ ? $?
Required:
- Prepare balance sheets for Ebony Interiors as of February 28 and March 31, 20Y3. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
- Determine the amount of net income for March, assuming that no additional common stock was issued and no dividends were paid during the month.
- 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.
Labels and Account Descriptions
Labels
February 28, 2013
For the year ended February 28, 2013
For the year ended March 31, 2013
March 31, 2013
Amount Descriptions
Net income
Total asset
Total expenses
Total liabilities
Total liabilities and stockholders equity
Total stockholders equity
Total revenue
- Prepare a balance sheet for Ebony Interiors as of February 28, 2013. Refer to the lists of Accounts in the information given, Labels, and Amounts Descriptions for the exact wording of the answer choices for text entires. Be sure to complete the statement heading.
Net Income (part 2)
- Determine the amount of net income for March, assuming that no additional common stock was issued and no dividends were paid during the month.
The amount of net income for March is $_______?
Net Income (part 3)
- 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.
The amount of net income for March is $_______?
Ebony Interiors Balance sheet February 28, 2013 Ebony Interiors Balance Sheet March 31, 2013 Asset Assets Liabilities Liablities Stockholders' Equity 8 stockhother's Equity 10
Need help with this problem!
Instructions
Financial information related to Ebony Interiors for February and March 2013 is as follows:
Accounts February 28, 2013 March 31, 2013
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 $ ? $?
Required:
- Prepare balance sheets for Ebony Interiors as of February 28 and March 31, 20Y3. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
- Determine the amount of net income for March, assuming that no additional common stock was issued and no dividends were paid during the month.
- 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.
Labels and Account Descriptions
Labels
February 28, 2013
For the year ended February 28, 2013
For the year ended March 31, 2013
March 31, 2013
Amount Descriptions
Net income
Total asset
Total expenses
Total liabilities
Total liabilities and stockholders equity
Total stockholders equity
Total revenue
- Prepare a balance sheet for Ebony Interiors as of February 28, 2013. Refer to the lists of Accounts in the information given, Labels, and Amounts Descriptions for the exact wording of the answer choices for text entires. Be sure to complete the statement heading.
Net Income (part 2)
- Determine the amount of net income for March, assuming that no additional common stock was issued and no dividends were paid during the month.
The amount of net income for March is $_______?
Net Income (part 3)
- 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.
The amount of net income for March is $_______?
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