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

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 Wayside Inc. for the year ended December 31,2010.

Transcribed Image Text:

Receivables Cash and short-term investments Retained earnings Cost of goods sold Selling, general, and 88,419 584,951 Income taxes payable 6,499 49,384 Franchising revenues 4,786 1,994 84,700 123,192 438.458 Sales revenue Accounts payable Interest expense administrative expenses 15,13 Prepaid expenses Inventories 7.818 $ 64,618