Part 1) Identify whether you would find the following categories on the income statement or the balance sheet.

1. income statement 2. balance sheet

-Long term liabilities -Current liabilities -Total assets -Fixed assets -Accumulated Depreciation -Cost of Goods sold -Interest expense -Operating expenses -Long term debt -Owners equity -Returns and allowances -Revenues -Net income

part 2) Identify how you would categorize these items on the balance sheet.

1.	Current Asset
2.	Fixed Asset
3.	Current Liability
4.	Long-term Liability
5.	Owner's Equity

Equipment
	Account's Payable
	Equipment Loan
	Taxes Payable
	Accumulated Depreciation
	Inventory
	Account's Receivable
	Cash
	Building
	Notes Payable