According to its annual report, Procter & Gamble markets a broad range of laundry, cleaning, paper, beauty

Question:

According to its annual report, "Procter & Gamble markets a broad range of laundry, cleaning, paper, beauty care, health care, food and beverage products in more than 140 countries around the world, with leading brands including Tide, Ariel, Crest, Crisco, Vicks and Max Factor." The following are items taken from its recent and income statement. Mark each item in the following list with a letter(s) to indicate whether it would be reported as an asset (A), liability (L), or owners' equity (OE) account on the or a revenue (R) or expense (E) account on the income statement.
___ 1. 2. 3. Cash
___ 4. Cost of goods sold
___ 5. Buildings
___ 6. Interest expense
____ 7. Inventories
___ 8. Selling and administrative expenses
____ 9. Sales revenue
___ 10. Notes payable
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...