Classification of Financial Statement Items
Carnival Corporation & plc is one of the largest cruise companies in the world with such well-known brands as Carnival Cruise Lines, Holland America Line, and Princess Cruises. Classify each of the following items found on the company's November 30, 2010, balance sheet as a current asset, noncurrent asset, current liability, long-term liability, or stockholders' equity item.
1. Trade and other receivables, net
2. Common stock of Carnival Corporation
3. Short-term borrowings
4. Inventories
5. Property and equipment, net
6. Prepaid expenses and other
7. Accounts payable
8. Goodwill
9. Retained earnings
10. Long-term debt