Solution-Determine the amount of net income for march

Determine the amount of net income for march

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Reference no: EM132478515

Financial information related to the proprietorship of Ebony Interiors for February and March 2019 is as follows:

	February 29, 2019	March 31, 2019
Accounts payable	5310,000	5400,000
Accounts receivable	800,000	960,000
Cash	320,000	380,000
Justin Berk, capital
Supplies	30,000	35,000

Question a. Prepare a balance sheet for Ebony Interiors as of February 29, 2019. Enter dSS in order of liquidity (how quickly they can be converted to cash).

Question b. Determine the amount Of net income for March, aSSumIng that the owner made no additional investments or withdrawals during the month.

Question c. Determine the amount of net income for March, assuming that the owner made no additional investments but withdrew $50,000 during the month.

Reference no: EM132478515

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Determine the amount of net income for march

Reference no: EM132478515

Reference no: EM132478515

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