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Category > Accounting Posted 24 Aug 2017 My Price 9.00

Prestige Landscape Design Inc.

Exercise 1-10 Net Income (or Loss) 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?

 

 

 

 

 

Answers

Maurice Tutor
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Status NEW Posted 24 Aug 2017 11:08 PM My Price 9.00

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