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
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter17: Financial Statement Analysis
Section: Chapter Questions
Problem 1FSA: Financial statement analysis The financial statements for Nike, Inc., are presented in Appendix D at...
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