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What financial statement does merchandise inventory at end of period go on?
Wiki User
∙ 14y ago
Closing merchandise inventory belongs on both the income statement and the balance sheet.
On the income statement, it is included under Cost of Goods Sold; on the balance sheet it is categorised under Current Assets.
Wiki User
∙ 11y ago
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The ending merchandise inventory for a period is the same as beginning inventory of which period?
For the following period.
Does merchandise go on an income statement?
Yes merchandise is part of income statement and this is the actual goods sold to earn revenue for specific period of company.
What is financial statement?
financial comparison statement is a statement showing the trend in which financial figures are changing between two accounting period.
What is Financial comparative statement?
financial comparison statement is a statement showing the trend in which financial figures are changing between two accounting period.
What is the purpose of a business statement of financial requirements?
identifies the projected expenses and the assets they will create for a specified time period. Among the expenses listed are those for rent, insurance, telephone, and inventory.
What financial statement covers a period of time?
The Income Statement and the Statement of Cash Flows. Both report information presented over a period of time.
Does The cash basis of accounting commonly results in financial statements that are not comparable from period to period?
Cash is the main transaction in an accounting , it will affect from period to period in financial statement
What is financial statement that summarizes the revenues and expenses for a specific period of time?
income statement
What is the name of the financial statement that compares your income to expenses?
'Income Statement' is the financial statement which compares the business incomes with its expenses using matching principle for specific period of time
What is a business profit-and-loss statement?
This statement is a projection of the sales expected in a given period of time, the cost of the merchandise that will be sold, and the operating expenses of the business.
WHAT IS A FINANCIAL STATEMENT THAT SUMMARIZES THE REVENUE AND EXPENSES FOR SPECIFIC PERIOD?
skuks as
On which financial statement will income summary be shown a statemenet of owners equity b balance sheet c income statement d no financial statement?
D. No financial statement. Income summary is only used at the end of the period and is the account with no balance.
