Exercise 1-9 Classification of Financial Statement Items
Carnival Corporation & plc is one of the largest cruise companies in the world with such well- known brands as Carnival Cruise Lines, Holland America Line, and Princess Cruises. Classify each of the following items found in the company's financial statements included in the Form 10-K for the year ended November 30, 2011 according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders' equity (SE) item.
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Item
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Appears on the
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Classified as
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Example: Cash and cash equivalents
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BS
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A
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1. Trade and other receivables, net
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2. Common stock of Carnival Corporation
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3. Short-term borrowings
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4. Passenger tickets
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5. Selling and administrative
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6. Property and equipment, net
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7. Accounts payable
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8. Retained earnings
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9. Income tax expense, net
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10. Long-term debt
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