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Balance sheet, Net income
Financial information related to the PROPRIETORSHIP of Ebony Interiors for February and March 2014 is as follows:
28-Feb-14
March 31, 2014
Accounts payable
$310,000
$400,00
Accounts receivable
800,000
960,000
Cash
320,000
380,000
Justin Berk, capital
?
Supplies
30,000
35,000
A. Prepare a balance sheet for Ebony Interiors as of Feb. 28,2014. Enter ASSETS in order of liquidity ( how quickly they can be converted to cash).
Ebony Interior
Balance sheet
Feb.28, 2014
Assets
Liabillities
Owner's Equity
Perpare a balance sheet for Ebony Interiors as of March 31, 2014
Balance SheetAssetsLiabilitiesOwner's Equity
B. determine the amount of net income for March, assuming that the owner made no additional investments or withdrawals during the month .___________.
c. Determine the amount of net income for March, assuming that the owner made no additional investments but withdrew $50,000 during the month__________.
Year-end adjusting entries have been recorded and posted, and the business's revenue and expense accounts are provided here. What closing entry is recorded?
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