Classification of financial statement items

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Reference no: EM131116924

Exercise 1-9 Classification of Financial Statement Items

Carnival Corporation & plc is one of the largest cruise companies in the world with such well- known brands as Carnival Cruise Lines, Holland America Line, and Princess Cruises. Classify each of the following items found in the company's financial statements included in the Form 10-K for the year ended November 30, 2011 according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders' equity (SE) item.

Item	Appears on the	Classified as
Example: Cash and cash equivalents	BS	A
1. Trade and other receivables, net
2. Common stock of Carnival Corporation
3. Short-term borrowings
4. Passenger tickets
5. Selling and administrative
6. Property and equipment, net
7. Accounts payable
8. Retained earnings
9. Income tax expense, net
10. Long-term debt

Reference no: EM131116924

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