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Financial statements Each of the following items is shown on the financial statements of Exxon Mobil Corporation (XOM): 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? Explain.

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 1, Problem 22E
Textbook Problem
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Financial statements

Each of the following items is shown on the financial statements of Exxon Mobil Corporation (XOM):

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

a)

To determine

Identify the list of items that will appear in the financial statements (income statement or balance sheet) of EM Corporation.

Explanation of Solution

  • Accounts payable: Accounts payable is a liability of the firm, which refers to the obligations which the company owes for purchase of certain goods or services in the past; hence it is shown in the balance sheet.
  • Cash: Cash is an asset; hence it is shown in the balance sheet.
  • Crude Oil inventory: Crude oil inventory is an asset; hence it is shown in the balance sheet.
  • Equipment: Equipment is an asset; hence it is shown in the balance sheet.
  • Exploration Expense: Exploration expense is an expense incurred while exploring oil; hence it is shown in the income statement.
  • Income taxes payable: Income taxes payable is a liability which the company owes; hence it is shown in the balance sheet.
  • Investments: Investments are an asset; hence it is shown in the balance sheet.
  • Long Term Debt: Long-term debt is a long term liability which the company owes; hence it is shown in the balance sheet...

b)

To determine

Identify if an item can appear on more than one financial statement (income statement or balance sheet).

c)

To determine

Explain if the accounting equation is relevant to the EM Corporation.

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Financial And Managerial Accounting
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