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Prepare a multiple-step income statement for andover


On June 30, 2010, 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 June 30, 2010. The merchandise inventory as of June 30, 2010, was $188,200.

3. Prepare the closing entries for Andover Company as of June 30,2010.  

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Accounting Basics: Prepare a multiple-step income statement for andover
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