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Problem 5-26 Comprehensive Accounting Cycle Problem (Uses Percent of Revenue Allowance Method)

Problem 5-26 Comprehensive Accounting Cycle Problem (Uses Percent of Revenue Allowance Method)
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Solution Guide / Answer Key:

ACCOUNTING

Survey of Accounting
Second (2nd) Edition
Thomas Edmonds, Philip Olds, Frances McNair, Bor-Yi Tsay
ACC 201 ACC/201 Accounting 201

Problem 5-26 Comprehensive Accounting Cycle Problem (Uses Percent of Revenue Allowance Method)

The following trial balance was prepared for Gifts, Etc., Inc., on December 31, 2010, after the closing entries were posted.

AND SO ON

Required
a. Organize the transaction data in accounts under an accounting equation.
b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for 2011.

Check:
Net Income: $236,710
Total Assets: 1,142,950

 

FILE: MS WORD

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