1. Financial Statement Classifications (20 marks) Financial statement classifications used by Cashow Corp. follow Statement of Financial Position Income or Retained Earnings Statement a. Current Assets 1. Sales Revenue b. Investments k Cost of Goods Sold c Property. Plant, and Equipment Operating Expenses d. Intangible Assets m. Other Revenues and Gains e Other Assets n. Other Expenses and Losses. 1 Current Liabilities 0. Retained Earnings 9. Long-term Debt D. Not on the statements h. Capital Shares Retained Earnings Instructions Specity, to the left of each account or item below, the letter of the financial statement classification the account would appear in Use only the classifications shown 1. Preferred Shares 16 Merchandise Inventory 2.Loss on Disposal of Equipment 17 Salaries and Wages Expense 3.Buildings 18 Merchandise on order with supplier 4.Office Supplies Expense 19 Interest Revenue 5. Allowance for Doubtful Accounts 20 Selling Expense 6. Notes Payable-Short Term 21 Interest Expense 7. Accum Depreciation-Buildings 22 Taxes Payable 4 Office Supplies Expense 19 Interest Revenue 5. Allowance for Doubtful Accounts 20 Selling Expense 6. Notes Payable-Short Term 21 Interest Expense 7 Accum. Depreciation-Buildings 22 Taxes Payable 8. Mortgage Payable due 2027 23 Insurance Expense 9.Depletion Expense Expense 24 Advertising 10.Freight-Out Investments 25 Long-Term 26 Accounts Receivable 11. Sales 12 Dividends Declared 27 Land Accounts Payable 13. Retained Earnings 28 14 Cash 29 Error made in calculating prior year's depreciation expense 15. Sales Discounts 30 Gain from early retirement of debt