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Each of the following items is shown in the financial statements of Exxon Mobil Coperation:
1. Accounts payable2. Cash equivalents 3. Crude oil inventory4. Equipment5. Exploration expenses6. Income taxes payable7. Investments8. Long-term debt9. Maketable secrities10. Notes and loans payable11. Notes receivable12. Operating expenses13. Prepaid taxes14. Sales15. Selling expenses
a. Identify the financial statment (balance sheet or income statment) in which each item would appear.
b. Can an item apperar on more than one financial statment?
c. Is the accounting equation relevant for Exxon Mobil Corporation?
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