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Answer: Outline the accounting procedures involved in

Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso ISBN: 9781118147290 164

Solution for problem 10 Chapter 21

Intermediate Accounting | 15th Edition

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Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso

Intermediate Accounting | 15th Edition

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Problem 10

Outline the accounting procedures involved in applying the direct-financing method.

Step-by-Step Solution:
Step 1 of 3

Financial Accounting CH 1-4 were the accounting cycle; studied the service type of business CH 5 > merchandising business; remember the types of businesses are SMM (service, merchandising, manufacturing) 1. What is the function of a merchandiser Sells products, purchase inventory or products, donations (good for PR) a. Page 283 > difference between the income statements and BS i. IS > for service businesses, we use a single step IS (revenues – expenses = net income); for merchandising businesses, we use multiple step IS because we need to know more information ii. BS > for both we still have A = L + SHE; for merchandising businesses we will use

Step 2 of 3

Chapter 21, Problem 10 is Solved
Step 3 of 3

Textbook: Intermediate Accounting
Edition: 15
Author: Donald E. Kieso
ISBN: 9781118147290

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Answer: Outline the accounting procedures involved in