For each of the following items in Procter and Gamble s financial statements, indicate (1) whether it is reported in the income statement (I S) or balance sheet (B S) and (2) whether it is an asset (A), liability (L), stockholders equity (SE), revenue (R), or expense (E) account The first item is g...

Statement Account Type Cash Example B ...

For each of the following items in Procter and Gamble s financial statements, indicate (1) whether it

Question:

For each of the following items in Procter and Gamble €™ s financial statements, indicate (1) whether it is reported in the income statement (I/ S) or (B/ S) and (2) whether it is an asset (A), liability (L), stockholders€™ equity (SE), revenue (R), or expense (E) account. The first item is given as an example.

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...