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:
Required:
Use the above 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?
| = | + | |||
| $ | = | $ | + | $ |