Exercise 2-3 Classification 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 on the company's November 30, 2010, balance sheet as a current asset, noncurrent asset, current liability, long-term liability, or stockholders' equity item.

1. Trade and other receivables, net

2. Common stock of Carnival Corporation

3. Short-term borrowings

4. Inventories

5. Property and equipment, net

6. Prepaid expenses and other

7. Accounts payable

8. Goodwill

9. Retained earnings

10. Long-term debt