Problem II The following are selected account balances for Withers Company for the year ending...
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Accounting
Problem II The following are selected account balances for Withers Company for the year ending December 31, 2019: Accounts Payable $63,000 Accounts Receivable $82,000 Cash $95,000 Freight-in $3,000 Merchandise Inventory (1/1/19) $120,000 Merchandise Inventory (12/31/19) $90,000 Purchases S262,000 Purchase Returns & Allowances $33,000 Purchases Discounts $12,000 Sales $576,000 Sales Returns & Allowances S36,000 Total Selling Expenses $72,000 Total Administrative Expenses $53,000 Withers, Capital $660,000 Withers, Withdrawals $100,000 REQUIRED: 1) Prepare the multiple-step income statement under the Periodic System (the way we did in class). Highlight Nets Sales, Cost of Goods Sold, Gross Margin, and Net Income. 2) Prepare the necessary closing entries
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