Answer:
Staples, Inc
a) Staples, Inc. ($ millions) Amount Classification
Income State Balance Sheet
Sales $21,059 I
Accumulated depreciation 4,375 B
Depreciation expense 388 I
Retained earnings 6,900 B
Net income 379 I
Property, plant & equipment, net 1,586 B
Selling, general & admin expense 4,600 I
Accounts receivable 1,899 B
Total liabilities 4,788 B
Stockholders' equity 5,384 B
bi) Total Assets:
Property, plant & equipment, net $1,586
Accounts receivable $1,899
Total Assets = $3,485
bii) Total Expenses
Depreciation expense $388
Selling, general & admin expense $4,600
Total expenses = $4,988
Explanation:
Items that appear in the balance sheet are permanent accounts, whose balances are carried forward from one financial period to another. On the other hand, items that appear in the income statement are temporary accounts or periodic accounts, whose balances are closed to the period's income summary. These accounts are not carried forward to the next accounting period.
