Question

On December 31, 2015, the balances of the accounts appearing in the ledger of Andover Company are as follows:
Instructions
1. Does Andover Company use a periodic or perpetual inventory system? Explain.
2. Prepare a multiple-step income statement for Andover Company for the year ended December 31, 2015. The inventory as at December 31, 2015, was $188,200.
3. Prepare the closing entries for Andover Company as at December 31, 2015.


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  • CreatedSeptember 15, 2015
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