Solution-Prepare balance sheets for burst interiors

Prepare balance sheets for burst interiors

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Reference no: EM13535225

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.

Reference no: EM13535225

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Prepare balance sheets for burst interiors

Reference no: EM13535225

Reference no: EM13535225

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