D E amula Bar SHORT QUESTION 1 - CLASSIFICATION OF FINANCIAL STATEMENTITEMS Note: Income Statement -IS, Balance Sheet - BS, Revenue -R, Expense-E, Asset = A, Liability - L Stockholders' Equity - SE 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 financial statements included in the Form 10-K for the year ended November 30, 2011 according to (1) whether it belongs on the income statement(s) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E). asset (A), lability (L) or stockholders' equity (SE) item Appears on the: BS Classified as: Item Example: Cash and cash equivalents Trade and other receivables, net Common stock of Carnival Corporation Short-term borrowings Passenger tickets Selling and administrative Property and equipment, net Accounts payable Retained earnings Income tax expense 591 SOS K DAWN ino