EX 1-22 Financial statements
Each of the following items is shown in the financial statements of ExxonMobil Corporation.
| 1. |
Accounts payable |
9. |
Marketable securities |
|
| 2. |
Cash equivalents |
10. |
Notes and loans payable |
|
| 3. |
Crude oil inventory |
11. |
Notes receivable |
|
| 4. |
Equipment |
12. |
Operating expenses |
|
| 5. |
Exploration expenses |
13. |
Prepaid taxes |
|
| 6. |
Income taxes payable |
14. |
Sales |
|
| 7. |
Investments |
15. |
Selling expenses |
|
| 8. |
Long-term debt |
|||
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 ExxonMobil Corporation?