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Accounting help very easy!




Very easy homework, need it done in an hour.;Exercise 1-10 (Algorithmic);Net Income (or Loss) and Retained Earnings;The following information is available from the records of Bright Gardens Inc. at the end of the 2010 calendar year;Accounts payable $7,500 Landscaping revenues $30,000;Accounts receivable 7,000 Office equipment 7,500;Capital stock 8,000 Rent expense 6,500;Cash 18,000 Retained earnings;Dividends paid beginning of year 8,500;during the year 3,000 Salary and wage expense 12,000;Required;Use the above information to answer the following questions.;1. What is Bright Gardens' net income for the year ended December 31, 2010?;$;2. What is Bright Gardens' Retained Earnings balance at the end of the year?;$;3. What is the total amount of Bright Gardens' assets at the end of the year?;$;4. What is the total amount of Bright Gardens' liabilities at the end of the year?;$;5. How much Stockholders' Equity' equity does Bright Gardens' have at the end of the year?;$;6. What is Bright Gardens' accounting equation at December 31, 2010?;$ = $ + $


Paper#77820 | Written in 18-Jul-2015

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