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Financial information related to the proprietorship of Burst Interiors for March and April
2008 is as follows:
March 31, 2008
April 30, 2008
Accounts payable
$18,480
$ 19,920
Accounts receivable
40,800
46,950
Gary Deming, capital
?
Cash
72,000
122,400
Supplies
3,600
3,000
a. Prepare balance sheets for Burst Interiors as of March 31 and as of April 30, 2008.
b. Determine the amount of net income for April, assuming that the owner made no additional investments or withdrawals during the month.
c. Determine the amount of net income for April, assuming that the owner made no additional investments but withdrew $15,000 during the month.
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