Gulfstream Inc. reports the following list of accounts, in alphabetical order:

Instructions
(a) Classify each account as an asset (A), liability (L), share capital (SC), revenue (R), or expense (E) item. The first one has been done for you as an example.
(b) Identify on which financial statement(s)-income statement (IS), statement of changes in equity (SCE), and/or statement of financial position (SFP)-each account would be reported. Note that there may be more than one correct statement for some of the above. The first one has been done for you as an example.

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Accounts pavable Accounts receivable Bank loan payable Buildings Cash Common shares Cost of goods sold Equipment Income tax expense Income tax payable Interest expense Land Merchandise inventory Mortgage payable Office expense Prepaid insurance Salaries payable Sales SFP