Identifying and Classifying Balance Sheet and Income Statement Accounts

Identifying and Classifying Balance Sheet and Income Statement Accounts

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

 

Sharing is caring!

Have any Question or Comment?

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!