B-05.08 Problem

B-05.08 Problem - B-05.08 Interiors With Oohs and Aahs...

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B-05.08 Interiors With Oohs and Aahs sells custom home décor. Following is the corporation's income statement. Use this statement to prepare closing entries. No dividends were declared during the period. INTERIORS WITH OOHS AND AAHS Income Statement For the Year Ending December 31, 20X4 Revenues Sales 887,654 $ Less: Sales discounts 4,667 $ Sales returns and allowances 9,880 14,547 Net sales 873,107 $ Cost of goods sold Beginning inventory, Jan. 1
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