Solution-Determine the amount of net income for august

Determine the amount of net income for august

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Reference no: EM13548039

Balance sheets, net income

Financial information related to the proprietorship of Lady Interiors for July and August 2012 is as follows:

	July 31, 2012	August 31, 2012
Accounts payable	$90,000	$100,000
Accounts receivable	200,000	240,000
Garth Jacobs, capital	?	?
Cash	80,000	95,000
Supplies	20,000	15,000

a. Prepare balance sheets for Lady Interiors as of July 31 and August 31, 2012.

b. Determine the amount of net income for August, assuming that the owner made no additional investments or withdrawals during the month.

c. Determine the amount of net income for August, assuming that the owner made no additional investments but withdrew $35,000 during the month.

Reference no: EM13548039

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Determine the amount of net income for august

Reference no: EM13548039

Reference no: EM13548039

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