Part 1 To properly measure financial statements managers must know account definitions and classifications. Using the accounts below, define each and classify each as an Income Statement or Balance Sheet account. 1. Cash 2. Notes payable/Short term debt 3. Inventory 4. Property, plant, and equipment 5. Long term note-debt 6. Stockholder's equity 7. Interest and taxes 8. Sales 9. Cost of Goods Sold 10. Selling and general administrative expenses 11. Gross profit 12. Earnings before interest and taxes 13. Net income 14. Accounts receivable 15. Accounts payable