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Accounting

The following information is available from the records of Prestige Landscape Design Inc. at the end of the year:

Accounts payable $ 5,000
Accounts receivable 4,500
Capital stock 8,000
Cash 13,000
Dividends paid during the year 3,000
Landscaping revenues $25,000
Office equipment 7,500
Rent expense 6,500
Retained earnings, beginning of year 8,500
Salary and wage expense 12,000

Use the previous information to answer the following questions.

What is Prestige's net income for the year?
What is Prestige's Retained Earnings balance at the end of the year?
What is the total amount of Prestige's assets at the end of the year?
What is the total amount of Prestige's liabilities at the end of the year?
How much owners' equity does Prestige have at the end of the year?
What is Prestige's accounting equation at the end of the year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9795808

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