"Each of the following items is shown in the financial statements of Exxon Mobil Corporation: 1. Accounts payable 2. Cash equivalents 3. Crude oil inventory 4. Equipment 5. Exploration expenses 6. Income taxes payable 7. Investments 8.Long-term debt 9. Marketable securities 10. Notes and loans payable 11. Notes receivable 12. Operating expenses 13. Prepaid taxes 14. Sales 15. Selling expenses A. Identify the financial statement (balance sheet or income statement) in which each item would appear. B.Can an item appears on more than one financial statement? C.Is the accounting equation relevant for Exxon Mobil Corporation? "Explain?

Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter1: The Role Of Accounting In Business
Section: Chapter Questions
Problem 1.17E: Financial statements Each of the following items is shown in the financial statements of ExxonMobil...
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"Each of the following items is shown in the financial statements of Exxon Mobil Corporation:

1. Accounts payable

2. Cash equivalents

3. Crude oil inventory

4. Equipment

5. Exploration expenses

6. Income taxes payable

7. Investments

8.Long-term debt

9. Marketable securities

10. Notes and loans payable

11. Notes receivable

12. Operating expenses

13. Prepaid taxes

14. Sales

15. Selling expenses

A. Identify the financial statement (balance sheet or income statement) in which each item would appear.

B.Can an item appears on more than one financial statement?

C.Is the accounting equation relevant for Exxon Mobil Corporation? "Explain?

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