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- The statement of financial position for a merchandising business is the same as the balance sheet for a service company, except for the inventory account1. The statement of owner's equity and the statement of cash flows are also the same for both types of companies1. The income statement for a merchandising company includes categories that service enterprises do not use1. A sample financial statement for a merchandising business includes a statement of profit or loss, statement of changes in owner's equity, and statement of cash flows2.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Financial Statements for a Merchandising Company The statement of owner's equity and the statement of cash flows are the same for merchandising and service companies. Except for the inventory account, the balance sheet is also the same. But a merchandising company's income statement includes categories that service enterprises do not use.www.cliffsnotes.com/study-guides/accounting/acco…
SAMPLE: Financial Statements for a merchandising business Statement of Profit or Loss (Functional form) Note Net sales revenue 1 P 960, Cost of sales 2 -529, Gross profit P 431, Other income 3 18, Total income P 449, Expenses Distribution costs 4 P 123, Administrative costs 5 192, Finance cost (Interest Expense) 11,230 -327, Net income P 122, Argem, Capital, January 1 P 600, Net income 122, Sub-total P 722, Argem, Drawing -25,...
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