Financial information related to the proprietorship of Burst Interiors for March and April
2008 is as follows:
|
|
March 31, 2008
|
April 30, 2008
|
|
Accounts payable
|
$18,480
|
$ 19,920
|
|
Accounts receivable
|
40,800
|
46,950
|
|
Gary Deming, capital
|
?
|
?
|
|
Cash
|
72,000
|
122,400
|
|
Supplies
|
3,600
|
3,000
|
a. Prepare balance sheets for Burst Interiors as of March 31 and as of April 30, 2008.
b. Determine the amount of net income for April, assuming that the owner made no additional investments or withdrawals during the month.
c. Determine the amount of net income for April, assuming that the owner made no additional investments but withdrew $15,000 during the month.