. 1-22 Ex. 1-23 EX 1-22 Financial statements OBJ. 5 Each of the following items is shown in the financial statements of Exxon Mobil Corporation: 1. Accounts payable 9. Materials inventory 2. Cash equivalents 10. Notes and loans payable 3. Crude oil inventory 11. Notes receivable 4. Equipment 12. Production expenses 5. Exploration expenses 13. Supplies 6. Income taxes payable 14. Sales 7. Investments 15. Selling expenses 8. Long-term debt a. Identify the financial statement (balance sheet or income statement) in which each item would appear. b. Can an item appear on more than one financial statement? c. Is the accounting equation relevant for Exxon Mobil Corporation? EX 1-23 Statement of cash flows OBJ. 5 Indicate whether each of the following activities would be reported on the statement of cash flows as (a) an operating activity, (b) an investing activity, or (c) a financing activity: 1. Cash received from fees earned. 2. Cash paid for expenses. 3. Cash paid for land. 4. Cash paid to owner for personal use