Solution-The following items and amounts were taken from

The following items and amounts were taken from linus incs

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Reference no: EM13572569

The following items and amounts were taken from Linus Inc."s 2012 income statement and balance sheet.

Cash	$84,700	Accounts receivable	88,419
Retained earnings	123,192	Sales revenue	584,951
Cost of goods sold	438,458	Income taxes payable	6,499
Salaries and wages expense	115,131	Accounts payable	49,384
Prepaid insurance	7,818	Service revenue	4,806
Inventory	$64,618	Interest expense	1,882

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 Linus Inc. for the year ended December 31, 2012.

Reference no: EM13572569

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The following items and amounts were taken from linus incs

Reference no: EM13572569

Reference no: EM13572569

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