Financial Statements with Inventory

Financial Statements with Inventory - cost of goods sold...

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Financial Statements with Inventory The statement of owner's equity and the statement of cash flows are the same for merchandising  and service companies. Except for the inventory account, the balance sheet is also the same. But a  merchandising company's income statement includes categories that service enterprises do not use.  A single-step income statement for a merchandising company lists net sales under revenues and the 
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Unformatted text preview: cost of goods sold under expenses. Music World Income Statement For the Year Ended June 30,20X3 Revenues Net Sales $1,172,000 Interest Income 7,500 Gain on Sale of Equipment 1,500 Total Revenues 1,181,000 Expenses Cost of Goods Sold $596,600 Selling Expenses 177,000 General and Administrative Expenses 152,900 Interest Expense 18,000 Total Expenses 944,500 Net Income $ 236.500...
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.

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Financial Statements with Inventory - cost of goods sold...

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