Net Income (or Loss) and Retained Earnings
What is the net income for the year ended December 31, 2008, retained earnings balance at the end of the year, total amount of assets at the end of the year, total amount of liabilities at the end of the year, how much owner’s equity at the end of the year and what is the accounting equation at December 31, 2008?
Using this information what would be the answer to the above questions.
Accounts payable $5000
Accounts receivable 4500
Capital stock 8000
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
