identifying and Classifying Balance Sheet and Income Statement Accounts

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)AmountClassificationSales$21,059Answer

B

I

Accumulated depreciation4,375Answer

B

I

Depreciation expense388Answer

B

I

Retained earnings6,900Answer

B

I

Net income 379Answer

B

I

Property, plant & equipment, net1,586Answer

B

I

Selling, general and admin expense4,600Answer

B

I

Accounts receivable1,899Answer

B

I

Total liabilities4,788Answer

B

I

Stockholders’ equity5,384Answer

B

I

(b) Using the data, compute total assets and total expenses.

Total Assets= $

Total Expenses= $

What is the total assets and total expenses