Financial information related to the proprietorship of Rockwell Interiors for February and March 20Y0 is as follows: Accounts February 29, 20Y0 March 31, 20Y0 Accounts payable $329,000 $398,000 Accounts receivable 796,000 952,000 Cash 337,000 381,000 David Patel, capital ? ? Supplies 33,000 34,000 Required: 1. Prepare balance sheets for Rockwell Interiors as of February 29 and March 31, 20Y0. Be sure to complete the statement heading. Refer to the lists of Accounts, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. 2. Determine the amount of net income for March, assuming that the owner made no additional investments or withdrawals during the month. 3. Determine the amount of net income for March, assuming that the owner made no additional investments but withdrew $47,000 during the month.
Financial information related to the proprietorship of Rockwell Interiors for February and March 20Y0 is as follows: Accounts February 29, 20Y0 March 31, 20Y0 Accounts payable $329,000 $398,000
Calculation of David Patel, capital in the balance sheet,
David Patel, capital = Total Assets - Accounts Payable
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