Question: Matching Financial Statement Items to Financial Statement Categories According to its annual report, P&Gs billion-dollar brands include Pampers, Tide, Ariel, Always, Pantene, Bounty, Charmin, Downy,

Matching Financial Statement Items to Financial Statement Categories According to its annual report, P&Gs billion-dollar brands include Pampers, Tide, Ariel, Always, Pantene, Bounty, Charmin, Downy, Olay, Crest, Vicks, Gillette, Duracell, and others. 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) item that would appear on the income statement.

(1) Accounts receivable	(9) Income taxes
(2) Cash and cash equivalents	(10) Accounts payable
(3) Net sales	(11) Trademarks and other intangible assets
(4) Debt due within one year	(12) Property, plant, and equipment
(5) Taxes payable	(13) Long-term debt
(6) Retained earnings	(14) Inventories
(7) Cost of products sold	(15) Interest expense
(8) Selling, general, and administrative expense

C H A P T E R 1 Financial Statements and Business Decisions-Libby/Libby/Hodge-10th edition

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