LO$2-1,3,4$ M$2-19.$ Identifying and Classifying Financial Statement Items

For each of the following items, identify whether they would most likely be reported in the balance sheet $($B$)$ or income statement $($I$).$

a$.$ Machinery

e$.$ Common stock i$.$ Taxes expense

b$.$ Supplies expense

f$.$ Factory buildings $$ j$.$ Cost of goods sold

c$.$ Prepaid advertising

g$.$ Receivables t$.$ Long$-$term debt

d$.$ Advertising expense

h$.$ Taxes payable $1.$ Treasury stock