Prepare an income statement for the year ended

Reference no: EM13160332

The items and amounts below were taken from Wayside Inc.'s 2010 income statement and balance sheet.

(a) In each, case, identify whether the item is an asset, liability, stockholder's equity, revenue, or expense item.

Cash and short-term investments $84,700
Retained earnings 123,192
Cost of goods sold 438,458
Selling, general, and administrative expenses 115,131
Prepaid expenses 7,818
Inventories 64,618
Receivables 88,419
Sales revenue 584,951
Income taxes payable 6,499
Accounts payable 49,384
Franchising revenues 4,786
Interest expense 1,994

(b) Prepare an income statement for Wayside Inc. for the year ended December 31, 2010. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.)

Reference no: EM13160332

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