Each of the following items is shown in the financial statements of Exxon Mobil Corporation:1. Accounts payable2. Cash equivalents3. Crude oil inventory4. Equipment5. Exploration expenses6. Income taxes payable7. Investments8. Long-term debt9. Marketable securities10. Notes and loans payable11. Notes receivable12. Operating expenses13. Prepaid taxes14. Sales15. Selling expensesa. Identify the financial statement (balance sheet or income statement) in which each item would appear.b. Can an item appear on more than one financial statement?c. Is the accounting equation relevant for Exxon Mobil Corporation?

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 appear on more than one financial statement?
c. Is the accounting equation relevant for Exxon Mobil Corporation?

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