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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:

1. 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.

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

1. 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

1. 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)

1. 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)

1. 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