Apple Inc., one of the world's top personal computing and digital media companies, details the following selected accounts in its financial statements:

Instructions
(a) Classify each account as an asset (A), liability (L), shareholders' equity (SE), revenue (R), or expense (E) item.
(b) Classify each account as being used for operating (O), investing (I), or financing (F) activities. If you believe a particular account does not fit in any of these activities, explain why.

Transcribed Image Text:

al Accounts payable Accounts receivable Cash Common shares Cost of sales Income tax expense Interest income Inventories Property, plant, and equipment Research and development expenses Sales Sellin eneral and administrative expenses Short-term (trading) investments