ACC 100 Lecture 5: Chapter 5 - Merchandising Businesses - Student Copy - 2017 02 14

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: Else Grech

Document Summary

The cash and owner"s capital accounts have been provided for you. You must determine the remaining accounts from your understanding of. Be sure to provide totals at the bottom of the chart so you can create the financial statements as you did in chapter 4. Using the chart from bftp5-1, create the income statement and balance sheet for creative hair for the month ending june 30, 2017. (produce the income statement on the left and the balance sheet on the right. ) Since opening retained earnings is zero (new business) and dividends are zero there is no need to create the statement of retained earnings. To better understand what merchandising businesses are and what they do, watch the below noted video and answer the questions which follow. https://www. youtube. com/watch?v=9n9nu0d6km8. What type of business uses the single step income statement (the one you learned in chapter.