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Describe the difference between a service and merchandising firm. Give an example of each from publicly traded companies. Give a detailed example of the recording

  1. Describe the difference between a service and merchandising firm. Give an example of each from publicly traded companies.
  2. Give a detailed example of the recording of purchases under a perpetual inventory system including returns, allowances and discounts.
  3. Give a detailed example of the recording sales revenues under a perpetual inventory system including returns, allowances and discounts.
  4. Give a detailed example of the recording of purchases under a periodic inventory system including returns, allowances and discounts.
  5. Give a detailed example of the recording sales revenues under a periodic inventory system including returns, allowances and discounts.
  6. What are the differences between a single-step and a multiple-step income statement?
  7. Give an example of how to calculate cost of goods sold under a periodic inventory system. Show all relevant accounts.
  8. Explain how the gross profit rate and the profit margin are computed.

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