Financial information related to the proprietorship of Ebony Interiors for February and March 2016 is as follows:

a. Prepare balance sheets for Ebony Interiors as of February 29 and March 31, 2016.
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.

Transcribed Image Text:

February 29,2016 Accounts payable Accounts receivable Cash Justin Berk, capital Supplies $310,000 800,000 320,000 March 31, 2016 $400,000 960,000 380,000 30,000 35,000