Financial Statements & Closing Entries of a Merchandising Firm
Obviously, the financial statements and closing entries of a merchandising firm will be similar to the service enterprises we initially discussed. We add several items to the income statement and balance sheet for merchandising firms. The income statement is expanded to include not only net sales but also cost of goods sold and the resulting gross profit total. Merchandising inventory is added to the balance sheet.
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- John Templeton, HCCS Accounting Instructor
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