Balance sheets, net income
Financial information related to Ebony Interiors for February and March 2014 is as follows:
| February 28, 2014 | March 31, 2014 | |
| Accounts payable | $310,000 | $400,000 |
| Accounts receivable | 800,000 | 960,000 |
| Capital stock | 200,000 | 200,000 |
| Cash | 320,000 | 380,000 |
| Retained earnings | ? | ? |
| Supplies | 30,000 | 35,000 |
a. Prepare balance sheets for Ebony Interiors as of February 28 and March 31, 2014.
b. Determine the amount of net income for March, assuming that no additional capital stock was issued and no dividends were paid during the month.
c. Determine the amount of net income for March, assuming that no additional capital stock was issued but dividends of $50,000 were paid during the month.
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