The following items and amounts were taken from Wildhorse Inc.'s 2025 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 88,000 122,500 436,300 117,000 8,100 64,300 Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $90,500 581,700 6,300 55,500 5,500 1.830
The following items and amounts were taken from Wildhorse Inc.'s 2025 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 88,000 122,500 436,300 117,000 8,100 64,300 Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $90,500 581,700 6,300 55,500 5,500 1.830
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![The following items and amounts were taken from Wildhorse Inc.'s 2025 income statement and balance sheet.
Cash
Retained earnings
Cost of goods sold
Salaries and wages expense
Prepaid insurance
Inventory
$ 88,000
122,500
436,300
117,000
8,100
64,300
Accounts receivable
Sales revenue
Notes payable
Accounts payable
Service revenue
Interest expense
$90,500
581,700
6,300
55,500
5,500
1,830](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe48b91ac-d128-464b-9c87-7d3008e2bbca%2F8c6a29df-b710-4f49-a2c5-826364432547%2F6qm6frm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following items and amounts were taken from Wildhorse Inc.'s 2025 income statement and balance sheet.
Cash
Retained earnings
Cost of goods sold
Salaries and wages expense
Prepaid insurance
Inventory
$ 88,000
122,500
436,300
117,000
8,100
64,300
Accounts receivable
Sales revenue
Notes payable
Accounts payable
Service revenue
Interest expense
$90,500
581,700
6,300
55,500
5,500
1,830
![search
IL
WILDHORSE INC.
Income Statement](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe48b91ac-d128-464b-9c87-7d3008e2bbca%2F8c6a29df-b710-4f49-a2c5-826364432547%2F521t8vo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:search
IL
WILDHORSE INC.
Income Statement
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