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 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 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 (B/S).
1. Cash
4. Income Tax Expense
5. Selling and Administrative Expenses
6. Sales Revenue
7. Notes Payable
8. Retained Earnings
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...