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Question - The February 2, 2013 income statement and balance sheet for Kohl's Corporation shows the following items (in millions):
Net sales - $19,279
Cost of merchandise sold - 12,289
Merchandise inventories - 3,748
Required: Prepare the journal entries to record Net sales and Cost of goods sold for Kohl's for 2013. Assume all sales are for cash?
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Monte and Allie each owns 50% of Raider Corporation, an S corporation. Both individuals actively participate in Raider's business. On January 1, Monte and Allie have adjusted bases for their Raider stock of $80,000 and $90,000 respectively. During..
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