Matching Financial Statement Items to Financial Statement Categories According to its annual report, P&Gs more than 250

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Matching Financial Statement Items to Financial Statement Categories According to its annual report, “P&G’s more than 250 brands include Pampers, Tide, Ariel, Always, Whisper, Pantene, Bounty, Pringles, Folgers, Charmin, Downy, Lenor, Iams, Olay, Crest, Vicks and Actonel.” The following are items taken from its recent balance sheet and income statement. Note that different companies use slightly different titles for the same item. Mark each item in the following list as an asset (A), liability (L), or stockholders’ equity (SE) item that would appear on the balance sheet, or a revenue (R) or expense (E) that would appear on the income statement.
(1) Accounts receivable
(2) Cash and cash equivalents
(3) Net sales
(4) Notes payable
(5) Taxes payable
(6) Retained earnings
(7) Cost of products sold
(8) Marketing, administrative, and other operating expenses
(9) Income taxes
(10) Accounts payable
(11) Land
(12) Property, plant, and equipment
(13) Long-term debt
(14) Inventories
(15) Interest expense

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...
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