NAME ______________________________ Date ________ Activity 1 THE FINANCIAL STATEMENTS Objectives : 1. Classify items in its respective financial statement 2. Identify the placement of items in the financial statement Instruction : Classify the following items, in column A write BS if it is a Balance Sheet item and IS if it is an Income Statement Item . In column (b) write A if it is a asset item, L, if it is a Liability Item, OE if its is an owner’s Equity item, I if it is an income item and E it is an Expense item . (40 pts) Particulars 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Long term loans Payable Intangible Asset Accrued compensation Accounts Payable Income on deposit Cash Investments Revenue Operating expense Retained Earnings Property , Plant and Equipment Common Stock Inventories Accumulated Depreciation Goodwill Postage, telephone, cable Cost of Good sold Accounts Receivable Sales Interest expense Financial Statement (a) Placement (b)