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Net Income and Retained Earnings
The following information is available from the records of Prestige Landscape Design Inc. at the end of the year:
Accounts payable
$ 5,000
Landscaping revenues
$25,000
Accounts receivable
4,500
Office equipment
7,500
Capital stock
8,000
Rent expense
6,500
Cash
13,000
Retained earnings, beginning of year
8,500
Dividends paid during the year
3,000
Salary and wage expense
12,000
Required
Use the previous information to answer the following questions.
1. What is Prestige's net income for the year?
2. What is Prestige's Retained Earnings balance at the end of the year?
3. What is the total amount of Prestige's assets at the end of the year?
4. What is the total amount of Prestige's liabilities at the end of the year?
5. How much owners' equity does Prestige have at the end of the year?
6. What is Prestige's accounting equation at the end of the year?
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