The following information is available from the records of Prestige Landscape Design Inc. at the end of the 2010 calendar year:

Required
Use the previous information to answer the following questions.
1. What is Prestige's net income for the year ended December 31, 2010?
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 December 31,2010?

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Accounts pable Accounts receivable Capital stock Cash Dividends paid 5,000 Landscaping revenues $25,000 4,500 8,000 13,000 Retained earnings S 5,000 Office equipment Rent expense 7,500 6,500 beginning of year Salary and wage expense 8,500 12,000 during the year 3,000