Financial information related to Midas Interiors for March andApril 2008 is as 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

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