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 $23,000 Accounts receivable 4,500 Office equipment 7,500 Capital stock 8,000 Rent expense 6,500 Cash 11,000 Retained earnings, beginning of year 8,500 Dividends paid during the year 3,000 Salary and wage expense 12,000 Required: Use the above information to answer the following questions. 1. What is Prestiges net income for the year? 6,500 2. What is Prestige's Retained Earnings balance at the end of the year? 12,000 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's have at the end of the year? 6. What is Prestige's accounting equation at the end of the year? + +