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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