Balance Sheets, Net Income Financial information related to the corporation of Ebony Interiors for February and March 20

Post by **answerhappygod** » Wed Jul 06, 2022 6:15 pm

: Balance Sheets Net Income Financial Information Related To The Corporation Of Ebony Interiors For February And March 20 1 (26.15 KiB) Viewed 12 times

Balance Sheets, Net Income Financial information related to the corporation of Ebony Interiors for February and March 2018 is as follows: Cash Accounts receivable Supplies Accounts payable Common stock Retained earnings Cash ✓ Accounts receivable Supplies Total assets a. Prepare balance sheets for Ebony Interiors as of February 28, 2018. Ebony Interiors Balance Sheet February 28, 2018 Accounts payable February 28, 2018 118,200 67,000 5,900 $30,300 130,000 ✓ Assets ? Liabilities 118,200 ✓ 67,000 March 31, 2018 200,600 77,000 4,900 $32,700 130,000 5,900 ✓ 191,100 30,300 ?
Common stock Retained earnings. Total stockholders' equity Total liabilities and stockholders' equity Feedback Stockholders' Equity Cash Accounts receivable Supplies Total assets Check My Work a. Recall that the balance sheet is a formal presentation of the accounting equation, such that total assets must equal total liabilities and stockholders' equity. Learning Objective 5. $ 130,000 ✓ Prepare balance sheets for Ebony Interiors as of March 31, 2018. Ebony Interiors Balance Sheet March 31, 2018 Assets ✓ 160,800 191,100 $
Accounts payable Liabilities Feedback Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity ✓ ✓ Check My Work a. Recall that the balance sheet is a formal presentation of the accounting equation, such that total assets must equal total liabilities and stockholders' equity. Learning Objective 5. b. Determine the amount of net income for March, assuming that no additional common stock was issued and no dividends were paid during the month. c. Determine the amount of net income for March, assuming that no additional common stock was issued, but dividends of $24,500 were paid during the month.