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

Question:

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

Accounts payable Accounts receivable Capital stock Cash Dividends paid during the year $ 5,000 4,500 8,000

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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