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Financial information related to Revival Interiors for August and September of the current year is as follows:
August 31, 2004
September 30, 2004
Accounts payable
$ 3,850
$ 4,150
Accounts receivable
8,500
9,780
Capital stock
10,000
Retained earnings
?
Cash
15,000
25,500
Prepaid expenses
750
600
a. Prepare balance sheets for Revival Interiors as of August 31 and as of September 30.
b. Determine the amount of net income for September, assuming that no additional capital stock was issued and no dividends were paid.
c. Determine the amount of net income for September, assuming that no additional capital stock was issued, but dividends of $7,500 were paid.
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