P3-2 Financial statement account identification Mark each of the accounts listed in the following table as follows: a. In column (1), indicate in which statement-income statement (IS) or balance sheet (BS)-the account briongs. b. In column (2), indicate whether the account is a current asset (CA), current liabil- ity (CL), expense (E), fixed asset (FA), long-term debt (LTD), revenue (R), or stockholders' equity (SE). CHAPTER 3 Financial Statements and Ratio Analysis 145 (1) Statement (2) Type of account Account name Accounts payable Accounts receivable Accruals Accumulated depreciation Administrative expense Buildings Cash Common stock (at par) Cost of goods sold Depreciation Equipment General expense Interest expense Inventories Land Long-term debts Machinery Marketable securities Nors payable Operating expense Paid-la capital in excess of par Preferred.stock Ab invest has 5,000 shares of common stock outstanding. it also has the following amounts in revenue and expense accounts. Sales revenue $85,000 General and administrative expense 7,500 Interest expense 3,500 Depreciation expense 5,000 Preferred stock dividends 500 Selling expense 4,000 Cost of goods sold 50,000 calculate net income Ab invest has 5,000 shares of common stock outstanding. it also has the following amounts in revenue and expense accounts. Sales revenue $85,000 General and administrative expense 7,500 Interest expense 3,500 Depreciation expense 5,000 Preferred stock dividends 500 Selling expense 4,000 Cost of goods sold 50,000 calculate net income