Net Income (or Loss) and Retained Earnings The following information is available from the records of Bright Gardens Inc. at the end of the year: Accounts payable $5,000 Landscaping revenues $25,500 Accounts receivable 4,500 Office equipment 7,500 Capital stock 8,000 Rent expense 6,500 Cash 13,500 Retained earnings, beginning of year 8,500 Dividends paid during the year 3,000 Salary and wage expense 12,000

Use the above information to answer the following questions.

1. What is Bright Gardens' net income for the year? $

2. What is Bright Gardens' Retained Earnings balance at the end of the year? $

3. What is the total amount of Bright Gardens' assets at the end of the year? $

4. What is the total amount of Bright Gardens' liabilities at the end of the year? $

5. How much owners' equity does Bright Gardens' have at the end of the year? $

6. What is Bright Gardens' accounting equation at the end of the year?