Financial information related to Midas Interiors for March andApril 2008 is as f
ID: 2456691 • Letter: F
Question
Financial information related to Midas Interiors for March andApril 2008 is as follows:
March31,2008 April 30, 2008
Accountspayable $ 30,800 $ 33,200
Accountsreceivable 68,000 78,250
Capitalstock 37,500 37,500
Retainedearnings ? ?
Cash 120,000 204,000
Supplies 6,000 5,000
Explanation / Answer
Accounts Recievable 68,000.00 78,250.00 Cash 120,000.00 204,000.00 Supplies 6,000.00 5,000.00 Total Assets 194,000.00 287,250.00 Accounts Payable 30,800.00 33,200.00 Capital Stock 37,500.00 37,500.00 Retained Earnings 125,700.00 216,550.00 Net Income For themonth of April 90,850.00 ( 216,550 - 125,700 ) Balance Sheets Accounts Recievable 68,000.00 78,250.00 Cash 120,000.00 204,000.00 Supplies 6,000.00 5,000.00 Total Assets 194,000.00 287,250.00 Accounts Payable 30,800.00 33,200.00 Capital Stock 37,500.00 37,500.00 Retained Earnings 125,700.00 216,550.00 Total Liabilities & Stock holders' 194,000.00 287,250.00 Equity