The following items and amounts were taken from Wildhorse Co.’s 2017 income statement and balance sheet.
Cash $ 89,400
Retained earnings 120,000
Cost of goods sold 438,800
Salaries and wages expense 118,500
Prepaid insurance 8,100
Inventory 64,900
Accounts receivable 91,000
Sales revenue 587,700
Notes payable 6,100
Accounts payable 51,200
Service revenue 5,100
Interest expense 1,810
In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item.
choose the correct category
' EquityExpense Cash
choose the correct category
LiabilityStockholders' Retained earnings
choose the correct category
' Equity Cost of goods sold
choose the correct category
RevenueStockholders' Salaries and wages expense
choose the correct category
AssetStockholders' Prepaid insurance
choose the correct category
RevenueStockholders' Inventory
choose the correct category
RevenueStockholders' Accounts receivable
choose the correct category
' EquityAssetLiability Sales revenue
choose the correct category
Stockholders' Notes payable
choose the correct category
Stockholders' Accounts payable
choose the correct category
' EquityRevenueExpense Service revenue
choose the correct category
' Equity Interest expense
SHOW LIST OF ACCOUNTS
Prepare an income statement for Wildhorse Co. for the year ended December 31, 2017.
Answers: 2
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