Question

asset, expense, liability or revenue

Check my work According to its annual report, P&G's billion-dollar brands include Pampers, Tide, Ariel, Always, Pantene, Bounty. Charmin, Downy, Olay, Crest, Vicks, Gillette, Duracell, and others. The following are items taken from its recent balanc sheet and income statement. Note that different companies use slightly different titles for the same item. Select each item in the following list as an asset, liability, or stockholders' equity item that would appear on the balance sheet or a revenue or expense item that would appear on the income statement. Categories Financial Statement Items (1) Accounts receivable (2) Cash and cash equivalents Net sales (4) Debt due within one year (5) Taxes payable (6) Retained earnings (7) Cost of products sold (8) Selling, general, and administrative expense (9) Income taxes (10) Accounts payable (11) Trademarks and other intangible assets (12) Property, plant, and equipment (13) Long-term debt (14) Inventories (15) Interest expense 1 of 8 Next >

Answer 1

1	Accounts Receivable	Asset
2	Cash and Cash equivalents	Asset
3	Net sales	Revenue
4	Debt due within one year	Liability
5	Taxes payable	Liability
6	Retained earnings	Stockholders equity
7	Cost of products sold	Expense
8	Selling, general and administrative expenses	Expense
9	Income taxes	Expense
10	Accounts payable	Liability
11	Trademarks and other intangible assets	Asset
12	Property, Plant, and equipment	Asset
13	Long-term debt	Liability
14	Inventory	Asset
15	Interest expense	Expense