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
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 balance sheet 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 balance sheet or a revenue (R) or expense (E) account on the income statement.
___ 1. Accounts payable
___ 2. Accounts receivable
___ 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
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