Microsoft Corporation manufactures home entertainment devices such as Xbox, creates software such as Word, and operates networks

Question:

Microsoft manufactures home entertainment devices such as Xbox, creates software such as Word, and operates networks such as MSN Hotmail. The following items were presented in the company's financial statements. Mark each item from the as an asset (A), liability (L), or owners' equity (OE) and each item from the income statement as a revenue (R) or expense (E).
___ 1. Inventories
___ 2. 3. Sales revenue
___ 4. Property and equipment
___ 5. Notes payable
___ 6. Owners' capital
___ 7. 8. Cash
___ 9. Promotion expense
___ 10. Cost of goods sold
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... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...