Below is a list of financial statement items.

______ Utilities expense

______ Building

______ Owner’s capital

______ Net income

______ Land

______ Equipment

______ Revenues

______ Accounts receivable

______ Accounts payable

______ Rent expense

______ Withdrawals

______ Fees earned

______ Cash

______ Supplies

______ Wages expense

Required

1. Indicate whether each item is found on the income statement (IS), statement of owner’s equity (OE), and / or balance sheet (BS).

2. Which statement is most closely associated with the goal of profitability?