Identifying and Classifying Balance Sheet and Income Statement Accounts
Following are selected accounts for Staples, Inc., for the fiscal year ended February 2, 2013
(a) Indicate whether each account appears on the balance sheet (B) or income statement (I).
| Staples, Inc. ($ millions) | Amount | Classification |
| Sales | $24,381 | Answer I
|
| Accumulated depreciation | 4,067 | Answer B
|
| Depreciation expense | 408 | Answer I
|
| Retained earnings | 6,694 | Answer B
|
| Net income (loss) | (211) | Answer I
|
| Property, plant & equipment, net | 6,030 | Answer B
|
| Selling, general and admin expense | 4,884 | Answer I
|
| Accounts receivable | 1,816 | Answer B
|
| Total liabilities | 6,144 | Answer B
|
| Stockholders’ equity | 6,136 | Answer B
|
(b) Using the data, compute total assets and total expenses.
| Total Assets | $ 12280 Answer
|
| Total Expenses | $ 24592 Answer
|