IV$.$ Problems

Problem $1$

Mark each of the following balance sheet items as an asset $($A$),$ Mability $($IU$)$ or stockholder equity $($SE$)$ and each of the income statement items as a revenue $($R$)$ or expense $($E$).$

Accounts payable

Accounts recelvable

Cost of goods sold

Selling, general and administrative expenses

Income taxes payable

Inventories

Investments

Cash and cash equivalents

Land

Property, plant and equipment

Net sales

Notes payable to banks

Provision for income taxes $($expense$)$

Retained earnings