Identifying and Classifying Balance Sheet and Income Statement Accounts Following are selected accounts for Proctor & Gamble.
(a) Indicate whether each account appears on the balance sheet (B) or income statement (I).
($ millions) Amount Classification
Sales $83,503
Net income 12,075
Accumulated depreciation 17,446
Depreciation expense 3,166
Retained earnings 48,986
Property, plant & equipment, net 20,640
Selling, general & administrative expense 25,725
Accounts receivable 6,761
Total liabilities 74,498
Stockholders' equity 69,494
(b) Using the data, compute total assets and total expenses.
Total Assets =
Total Expenses =