or its apparent growth philosophy. E1-8 The following items and amounts were taken from Motte Inc.'s 2014 income state- ment and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 84,700 123,192 438,458 115,131 7,818 64,618 $ 88,419 584,951 6,499 49,384 4,806 1,882 Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense Instructions (a) In each, case, identify on the blank line whether the item is an asset (A), liability (L), stockholder's equity (SE), revenue (R), or expense (E) item. (b) Prepare an income statement for Motte Inc. for the year ended Decembar 1 2014

or its apparent growth philosophy. E1-8 The following items and amounts were taken from Motte Inc.'s 2014 income state- ment and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 84,700 123,192 438,458 115,131 7,818 64,618 $ 88,419 584,951 6,499 49,384 4,806 1,882 Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense Instructions (a) In each, case, identify on the blank line whether the item is an asset (A), liability (L), stockholder's equity (SE), revenue (R), or expense (E) item. (b) Prepare an income statement for Motte Inc. for the year ended Decembar 1 2014

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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