Foundations of Financial Management. Balance Sheet and income statement classification.

page 52.

14.) fill in the blank spaces with categories 1 through 7:

1. Balance sheet (BS)

2. Income statement (IS)

3. Current assets (CA)

4. Fixed assets (FA)

5. Current liabilities (CL)

6. Long-term liabilities (LL)

7. Stockholder equity (SE)

Indicate whether items is on balance Sheet (BS) or income Statement (IS) and if on Balance Sheet, Designate Which Category.

Items

Accounts receivable

Retained earnings

income tax expense

Accrued expenses

Cash

Selling and administrative expenses

Plant and equipment

Operating expenses

Marketable securities

interest expense

Sales

Notes payable ( 6 month)

Bond payable maturity 2019

Common Stock

Depreciation expense

Inventories

Capital in excess of par value

Net income (earnings after taxes)

Income tax payable

The instructions are provided, you have to indicate what each entry is based on the list provided from 1 to 7 above. for example is inventories as Balance Sheet (BS) item or Current Asset (CA). Please advise. Thanks,