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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...

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