According to its annual report, ‘P&G’s more than 250 brands include Pampers, Tide, Ariel, Always, Whisper, Pantene, Bounty, Pringles, Folgers, Charmin, Downy, Lenor, Iams, 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.
Classify each item in the following list as an asset (A), liability (L), or stockholders’ equity (SE) item that would appear on the balance sheet, or a revenue (R) or expense (E) that would appear on the income statement.
|Financial Statement Items||Categories|
|Cash and cash equivalents|
|Cost of products sold|
|Marketing, administrative, and other operating expenses|
|Property, plant and equipment|