Each of the following items is shown in the financial statements of Exxon Mobil Coperation:

1. Accounts payable

2. Cash equivalents

3. Crude oil inventory

4. Equipment

5. Exploration expenses

6. Income taxes payable

7. Investments

8. Long-term debt

9. Maketable secrities

10. Notes and loans payable

11. Notes receivable

12. Operating expenses

13. Prepaid taxes

14. Sales

15. Selling expenses

a. Identify the financial statment (balance sheet or income statment) in which each item would appear.

b. Can an item apperar on more than one financial statment?

c. Is the accounting equation relevant for Exxon Mobil Corporation?