Chapter 1, Problem 1.7ME

Matching Financial Statement Items to Balance Sheet and Income Statement Categories

General Mills is a manufacturer of food products, such as Lucky Charms cereal, Pillsbury crescent rolls, and Green Giant vegetables. The following items were presented in the company’s financial statements. For each item, indicate (1) the type of account (A = asset, L = liability. SE = stockholders’ equity, R = revenue, E = expense) and (2) whether it is reported on the income statement (I/S) or balance sheet (B/S).

1. 1. Accounts Payable
2. 2. Common Stock
3. 3. Equipment
4. 4. Accounts Receivable
5. 5. Notes Payable
6. 6. Cash
7. 7. Retained Earnings
8. 8. Office Expenses
9. 9. Sales Revenue
10. 10. Supplies