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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
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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Audit And Accounting Guide State And Local Governments
Authors: AICPA
1st Edition
1945498587, 978-1945498589
