According to its annual report. "'Procter & Gamble markets a broad range of laundry, cleaning, paper, beauty care, health care, food and beverage products in more than 140 countries around the world.

P&G's more than 250 brands include Pampers, Tide. Ariel. Always. Whisper. Pantene. Bounty.

Pringles, Folgers. Charmin, Downy, Lenor. lams, Olay. Crest, Vicks and Actonel." The following are items taken from its recent balance sheet and income statement. Note that different companies use slightly different titles for the same item. Mark each item in the following list as an asset (A), liability

(L), or stockholders' equity (SE) that would appear on the balance sheet or a revenue (R) or expense

(E) that would appear on the income statement.LO1

Transcribed Image Text:

- (1) Accounts payable (2) Accounts receivable (3) Cash and cash equivalents (4) Cost of products sold (5) Property, plant, and equipment (6) Income taxes (7) Interest expense (8) Inventories - (9) Land (10) Marketing, administrative, and other operating expenses (11) Long-term debt (12) Net sales (13) Notes payable (14) Retained earnings (15) Taxes payable