Carnival Corporation & plc is one of the largest cruise companies in the world with such well-known brands as Carnival Cruise Lines, Holland America Line, and Princess Cruises. Classify each of the following items found in the company€™s 2008 annual report according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders€™ equity (SE) item.

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ltem Appears on the Classified as Example: Cash and cash equivalents 1. Trade and other receivables, net 2. Common stock of Carnival Corporation 3. Short-term borrowings 4. Passenger tickets 5. Selling and administrative 6. Property and equipment, net 7. Accounts payable 8. Retained earnings 9. Income tax expense 10. Long-term debt BS