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Problem 1: In preparing a ten-column worksheet for a merchandising firm that uses the periodic inventory system
a. the beginning inventory is extended as a credit in the balance sheet columns.
b. the beginning inventory is extended as a credit in the income statement columns.
C. the ending inventory is shown as a credit in the income statement columns and as a debit in the balance sheet columns.
d. the ending inventory is shown as a debit in the income statement columns and as a credit in the balance sheet columns.
Problem 2: The basic differences between the financial statements of a merchandising entity and a service entity include the cost of goods sold section of the income statement and the
a. equity section of the balance sheet.
b. inclusion of merchandise inventory on the balance sheet as a current asset.
C. other income section of the income statement.
d. profit figure.
Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income.
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