p1. A list of financial statement items follows.
Utilities expense Building Common stock Net income Land Equipment Revenues
Accounts payable Rent expense Dividends
Fees earned Cash Supplies
1. Indicate whether each item is found on the income statement (IS), statement of retained earnings (RE), and/or balance sheet (BS).
2. BUsiness appliCation ▶ Which statement is most closely associated with the goal of profitability?