Identifying and Classifying Financial Statement Items

For each of the following items, identify whether they would most likely be reported in the balance sheet (B) or income statement (I).

(a) Machinery

(b) Supplies Expense

(c) Prepaid Advertising

(d) Advertising Expense

(e) Common Stock

(f) Factory Buildings

(g) Receivables

(h) Taxes Payable

(i) Taxes Expenses

(j) Cost of Goods Sold

(k) Long-Term Debt

(l) Treasury Stock