Find amount of net income if no capital stock issued

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Reference no: EM13257874

Financial information related to Midas Interiors for March andApril 2008 is as follows:

March31,2008 April 30, 2008

Accountspayable $ 30,800 $ 33,200

Accountsreceivable 68,000 78,250

Capitalstock 37,500 37,500

Retainedearnings ? ?

Cash 120,000 204,000

Supplies 6,000 5,000

Prepare balance sheets for Midas Interiors as of March 31and as of April 30, 2008
Determine the amount of net income for April, assuming that noadditional capital stock was issued and no dividends were paidduring the month
Determine the amount of net income for April, assuming that no additional capital stock was issued but dividends of $25,000 werepaid during the month.

Reference no: EM13257874

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