Tootsie Roll Industries is engaged in the manufacture and sale of candy. Major products include Tootsie Roll. Tootsie Roll Pops. Tootsie Pop Drops, Tootsie Flavor Rolls. Charms, and Blow-Pop lollipops.

The following items were listed on Tootsie Roll's recent income statement and balance sheet. Mark each item from the balance sheet as an asset (A), liability (L). or shareholders' equity (SE) and each item from the income statement as a revenue (R) or expense (E).LO1

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(1) Accounts payable (2) Accounts receivable (3) Cost of goods sold (4) Distribution and warehousing (5) Dividends payable (6) General and administrative (7) Income taxes payable (8) Inventories (9) Investments - - - (10) Buildings (11) Cash and cash equivalents (12) Land (13) Machinery and equipment (14) Marketing, selling, and advertising (15) Net sales (16) Notes payable to banks (17) Provision for income taxes* (18) Retained earnings