Classifi cation of Financial Statement Items Carnival Corporation & plc is one of the largest cruise companies in the world with such well-known brands as Carnival Cruise Lines, Holland America Line, and Princess Cruises. Classify each of the following items found in the company’s 2008 annual report according to (1) whether it belongs on the income statement (IS) or balance sheet (BS)

and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders’

equity (SE) item.

Item Appears on the Classifi ed as Example: Cash and cash equivalents BS A 1. Trade and other receivables, net ______________ ___________ 2. Common stock of Carnival Corporation ______________ ___________ 3. Short-term borrowings ______________ ___________ 4. Passenger tickets ______________ ___________ 5. Selling and administrative ______________ ___________ 6. Property and equipment, net ______________ ___________ 7. Accounts payable ______________ ___________ 8. Retained earnings ______________ ___________ 9. Income tax expense ______________ ___________ 10. Long-term debt ______________ ___________.

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