a)
Income statement:
The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.
Balance sheet:
This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (
To Prepare: The balance sheet of Company EI for the February and March.
b)
The amount of net income for the month of March, assuming that the owner made no additional investments or withdrawals during the month.
c)
The amount of net income for the month of March, assuming that the owner made no additional investments but withdrew $50,000 during the month.
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