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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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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91623948

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