Balance sheet, Net income
Financial information related to the PROPRIETORSHIP of Ebony Interiors for February and March 2014 is as follows:
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28-Feb-14
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March 31, 2014
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Accounts payable
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$310,000
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$400,00
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Accounts receivable
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800,000
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960,000
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Cash
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320,000
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380,000
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Justin Berk, capital
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?
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?
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Supplies
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30,000
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35,000
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A. Prepare a balance sheet for Ebony Interiors as of Feb. 28,2014. Enter ASSETS in order of liquidity ( how quickly they can be converted to cash).
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Ebony Interior
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Balance sheet
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Feb.28, 2014
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Assets
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Liabillities
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Owner's Equity
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Perpare a balance sheet for Ebony Interiors as of March 31, 2014
Balance Sheet
Assets
Liabilities
Owner's Equity
B. determine the amount of net income for March, assuming that the owner made no additional investments or withdrawals during the month .___________.
c. Determine the amount of net income for March, assuming that the owner made no additional investments but withdrew $50,000 during the month__________.