Give and explain your opinion regarding the following statement balance is definitely true! 2. Identify the...

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Give and explain your opinion regarding the following statement balance is definitely true! 2. Identify the following accounts, which accounts require adjusting entries (AE) and closing entries (CE)? which financial statements will be in? and where is the normal balance of the account? AE/CE Financial Statement Normal Balance No Account 1 Prepaid insurance 2 Capital Prive 3 4 5 Account payable Cash 6 Uneamed revenue Supplies 7 S Land 9 Account receivable 10 Salaries expense 11 Insurance expense Gain on sale of equipment Sales revenue 12 13 14 Supplies expense 15 Accrued expense CASE This information is available for Nestle in 2016 and 2017. 2016 Beginning inventory Ending inventory Cost of goods sold Sales $200,000 300,000 1,200,000 1,600,000 2017 $300,000 380,000 1,368,000 1,900,000 Requested: 3. Calculate the inventory tumover, days in inventory, and gross profit rate for Nestlé for 2016 and 2017? and give your opinion on the trend or the results of ratio analysis? Give and explain your opinion regarding the following statement balance is definitely true! 2. Identify the following accounts, which accounts require adjusting entries (AE) and closing entries (CE)? which financial statements will be in? and where is the normal balance of the account? AE/CE Financial Statement Normal Balance No Account 1 Prepaid insurance 2 Capital Prive 3 4 5 Account payable Cash 6 Uneamed revenue Supplies 7 S Land 9 Account receivable 10 Salaries expense 11 Insurance expense Gain on sale of equipment Sales revenue 12 13 14 Supplies expense 15 Accrued expense CASE This information is available for Nestle in 2016 and 2017. 2016 Beginning inventory Ending inventory Cost of goods sold Sales $200,000 300,000 1,200,000 1,600,000 2017 $300,000 380,000 1,368,000 1,900,000 Requested: 3. Calculate the inventory tumover, days in inventory, and gross profit rate for Nestlé for 2016 and 2017? and give your opinion on the trend or the results of ratio analysis?

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The image you provided includes two separate requests The first part of your image is an exercise related to accounting principles where you are to identify whether certain accounts require adjusting ... View the full answer