For each of the following items that appear on the statement of financial position,identify each as an asset (A),liability (L),or element of shareholders' equity (SE).For any item that would not appear on the statement of financial position,write the letter,N.
Definitions:
Surplus
A surplus occurs when the quantity of a good or service supplied exceeds the quantity demanded, often leading to a decrease in prices or an accumulation of unsold products.
Shortage
At a given price, the amount by which quantity demanded exceeds quantity supplied; a shortage usually forces the price up.
Low-Calorie Substitutes
Food or drink products with fewer calories than the standard versions, often used for weight management.
Saccharin
An artificial sweetener used as a sugar substitute, known for its zero-calorie content but with a somewhat bitter aftertaste.
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