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Calculate profitability ratios and comment

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Reference no: EM132487661

Instructions

Question (a) Record the required adjusting entries, assuming the company adjusts its accounts annually.

Question (b) Set up T accounts, enter the balances from the unadjusted trial balance, and post the adjusting entries prepared in part (a).

Question (c) Prepare an adjusted trial balance at December 31.

Question (d) Prepare a multiple-step income statement, statement of changes in equity, and statement of financial position for the year. Calculate profitability ratios and comment.

Reference no: EM132487661

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