Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 57

Matching Financial Statement Items to Balance Sheet and Income Statement Categories
According to its annual report, Procter Gamble markers a broad range of laundry, cleaning, paper, beauty care, health care, food and beverage products in more than 180 countries around the world, with leading brands including Tide, Ariel, Crest, Crisco, Vicks and Max Factor." The following are items taken from its recent balance sheet and income statement. For each item, indicate: (1) the type of account (A = asset, L = liability, SE = stockholders' equity, R = revenue, E = expense), and (2) whether it is reported on the income statement (I/S) or balance sheet (B/S).
1. Accounts Payable
2. Accounts Receivable
3. Cash
4. Income Tax Expense
5. Selling and Administrative Expenses
6. Sales Revenue
7. Notes Payable
8. Retained Earnings