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Starbucks Corporation purchases and roasts high-quality whole bean coffees and sells them, along with fresh, rich-brewed coffees and a variety of other complementary items, primarily through company-operated retail stores. The following items were adapted from the annual report of Starbucks Corporation for the period ending September 30, 2001:
In thousands
1. Accounts payable
$ 127,905
2. Accounts receivable
90,455
3. Accrued expenses payable
244,724
4. Additions to property, plant, and equipment
384,215
5. Checks drawn in excess of bank balance
61,987
6. Cost of sales
1,112,785
7. General and administrative expenses
151,416
8. Income tax expense
107,712
9. Net cash provided by operating activities
460,826
10. Net sales
2,648,980
11. Other income (loss)
36,443
12. Other operating expenses
256,827
13. Property, plant, and equipment
1,135,784
14. Retained earnings (September 30, 2001)
589,713
15. Store operating expenses
875,473
Using the following notations, indicate on which financial statement you would find each of the above items. (Note: An item may appear on more than one statement.)
IS
Income statement
BS
Balance sheet
RE
Retained earnings statement
SCF
Statement of cash flows
Particular technique of accounting for product and describe why you consider it to be better than the alternatives.
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