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30 August, 01:01

Following are selected accounts for Staples, Inc., for the fiscal year ended January 30, 2016 (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). Staples, Inc. ($ millions) Amount Classification Sales $21,059 Answer I Accumulated depreciation 4,375 Answer B Depreciation expense 388 Answer I Retained earnings 6,900 Answer I Net income 379 Answer I Property, plant & equipment, net 1,586 Answer B Selling, general and admin expense 4,600 Answer I Accounts receivable 1,899 Answer B Total liabilities 4,788 Answer B Stockholders' equity 5,384 Answer B (b) Using the data, compute total assets and total expenses. Total Assets Answer Total Expenses Answer

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  1. 30 August, 01:30
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    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.
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