Financial Statements

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

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

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. Materials inventory

10. Notes and loans payable

11. Notes receivable

12. Production expenses

13. Supplies

14. Sales

15. Selling expenses

b. Can an item appear on more than one financial statement?

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