Shown here are annual financial data at December 31, 2017, taken from two different companies. Required 1.

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Shown here are annual financial data at December 31, 2017, taken from two different companies.
Shown here are annual financial data at December 31, 2017,

Required
1. Compute the cost of goods sold section of the income statement at December 31, 2017, for each company. Include the proper title and format in the solution.
2. Write a half-page memorandum to your instructor (a) identifying the inventory accounts and (b) identifying where each is reported on the income statement and balance sheet for both companies.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Fundamental Accounting Principles

ISBN: 978-1259536359

23rd edition

Authors: John Wild, Ken Shaw, Barbara Chiappett

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