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In alphabetical order below are balance sheet items for Karol Company at December 3 1 , 2 0 2 5 . In each case, identify
In alphabetical order below are balance sheet items for Karol Company at December In each case, identify whether the item would appear on the balance sheet or income statement.
a Income tax expense
b Inventory
c Accounts payable
d Retained earnings
e Equipment
f Sales revenue
g Cost of goods sold
h Common stock
i Accounts receivable
j Interest expense
Prepare a balance sheet. List assets in order of liquidity.
KAROL COMPANY
Balance Sheet
For the Month Ended December
Assets
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