Describe the Major Differences in Preparing the Financial Statements for a Service

Essay

Describe the major differences in preparing the financial statements for a service business and a merchandising business. $\begin{array}{|l|l|l|}\hline \textbf { Service Business } && \textbf { Merchandising Business } \\\hline \text { Income Statement: } && \text { Income Statement: } \\\hline\\\hline \text { Balance Sheet: } &&\text { Balance Sheet: } \\\hline\\\hline\end{array}$