Financial statement account identification. Mark each of the accounts listed in the following table as follows:

a. In column (1), indicate in which statement - income statement (IS) or balance sheet (BS) - the account belongs.

b. In column (2), indicate whether the account is a asset (A), liability (L), expense (E), fixed asset (FA), revenue (R),

 or stockholders' equity (SE)

Account Name

(1) Statement

(2) Type of Account

Accounts payable

Accounts receivable

Administrative expense

Buildings

Cash

Common stock

Cost of goods sold

Depreciation

Equipment

General expense

Land

Machinery

Notes payable

Operating expense

Prepaid salary

Retained earnings

Rent

Sales revenue

Selling expense

Values ($000) at or for year ended December 31, 2000

Accounts receivable

 $                            350

Accumulated depreciation

                               205

Cost of goods sold

                               285

Depreciation expense

                                 55

General and administrative expense

                                 60

Interest expense

                                 25

Preferred stock dividends

                                 10

Sales revenue

                              525

Selling expense

                                 35

Stockholders' equity

                               265

In the income statement that you prepared above, calculate the following ratio:

Times Interest Earned =

Net income + interest expense + tax expense

interest expense

What are the three internal control objectives for financial reporting?