Matching Financial Statement Items to Financial Statement Categories
According to its annual report, “P&G's more than 250 brands include Pampers, Tide, Ariel, Always, Whisper, Pantene, Bounty, Pringles, Folgers, Charmin, Downy, Lenor, lams, Olay, Crest, Vicks and Actonel.” The following are items taken from its recent balance sheet and income statement. Note that different companies use slightly different titles for the same item. Mark each item in the following list as an asset (A), liability (L), or stockholders' equity (SE) that would appear on the balance sheet or a revenue (R) or expense (E) that would appear on the income statement.
____ | (1) | Accounts receivable | ____ | (9) | Income taxes |
____ | (2) | Cash and cash equivalents | ____ | (10) | Accounts payable |
____ | (3) | Net sales | ____ | (11) | Land |
____ | (4) | Notes payable | ____ | (12) | Property, plant, and equipment |
____ | (5) | Taxes payable | ____ | (13) | Long-term debt |
____ | (6) | Retained earnings | ____ | (14) | Inventories |
____ | (7) | Cost of products sold | ____ | (15) | Interest expense |
____ | (8) | Marketing, administrative, and other operating expenses |
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