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determine the amount of net income for september assuming that no additional capital 636931

Financial information related to Revival Interiors for August and September of the current year is as follows:

 

August 31, 2004

September 30, 2004

Accounts payable

$ 3,850

$ 4,150

Accounts receivable

8,500

9,780

Capital stock

10,000

10,000

Retained earnings

?

?

Cash

15,000

25,500

Prepaid expenses

750

600

a. Prepare balance sheets for Revival Interiors as of August 31 and as of September 30.

b. Determine the amount of net income for September, assuming that no additional capital stock was issued and no dividends were paid.

c. Determine the amount of net income for September, assuming that no additional capital stock was issued, but dividends of $7,500 were paid.

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