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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 13
Preparing classified financial statements.
Obtain all data necessary from the worksheet prepared for The Wine Shop in Problem 12.6A at the end of Chapter 12. Then follow the instructions to complete this problem.
INSTRUCTIONS
1. Prepare a classified income statement for the year ended December 31, 2013. The company does not classify its operating expenses as selling expenses and general and administrative expenses.
2. Prepare a statement of owner's equity for the year ended December 31, 2013. No additional investments were made during the year.
3. Prepare a classified balance sheet as of December 31, 2013.
Analyze: What is the inventory turnover for The Wine Shop?
Obtain all data necessary from the worksheet prepared for The Wine Shop in Problem 12.6A at the end of Chapter 12. Then follow the instructions to complete this problem.
INSTRUCTIONS
1. Prepare a classified income statement for the year ended December 31, 2013. The company does not classify its operating expenses as selling expenses and general and administrative expenses.
2. Prepare a statement of owner's equity for the year ended December 31, 2013. No additional investments were made during the year.
3. Prepare a classified balance sheet as of December 31, 2013.
Analyze: What is the inventory turnover for The Wine Shop?
Explanation
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Financial statements:
Net income is the...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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