Hannah Summit opened Hannah’s Pets,
Part One: In 20X7, Hannah Summit opened Hannah’s Pets, a small retail shop selling pet supplies. On December 31, 20X7, her accounting records show the following
Required
Prepare an income statement for Hannah’s Pets, a merchandiser.
Part Two: Hannah’s Pets succeeded so well that Hannah decided to manufacture her own brand of pet toys—Best Friends. At the end of December 20X8, her accounting records show the following
Required
1. Prepare a schedule of cost of goods manufactured for Best Friends Manufacturing.
2. Prepare an income statement for Best Friends Manufacturing.
3. How does the format of the income statement for Best Friends Manufacturing differ from the income statement of Hannah’s Pets?
Part Three: Show the ending inventories that would appear on these balance sheets:
1. Hannah’s pets at December 31, 20X7
2. Best Friends Manufacturing at December 31, 20X8
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Answers
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Posted 24 Apr 2017 05:04 PM
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