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Financial Accounting P5-3A

The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fiscal year on November 30, 2015, the following accounts appeared in two of its trial balances

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Expert Solution

Just use the formula, nothing hard, remember to look for every detail, there might be some mislook that causes you to lose points. For the BALANCE SHEET, better divide it into 2 categories, CA and NCA for easier to check again

Net income $29,100
Retained earnings $80,800
Total assets $190,000

Net income $29,100
Retained earnings $80,800
Total assets $190,000

Tra My Vu answered 3 years ago
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