Financial information related to the proprietorship of Lady Interiors for July and August 2012 is as follows:

a. Prepare balance sheets for Lady Interiors as of July 31 and August 31, 2012.
b. Determine the amount of net income for August, assuming that the owner made no additional investments or withdrawals during the month.
c. Determine the amount of net income for August, assuming that the owner made no additional investments but withdrew $35,000 during themonth.

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July 31, 2012 90,000 200,000 August 31, 2012 $100,000 240,000 Accounts payable Accounts receivable Garth Jacobs, capital Cash Supplies 80,000 20,000 95,000 15,000