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Basics of Financial Accounting

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Question 1: Describe the major differences between income statements for a service company and a merchandise company. Question 2: As part of the calculation for cost of goods sold it is necessary to determine the value of goods on hand, termed merchandise inventory. Accountants use two basic methods for determining the amount of merchandise inventory. Identify the two methods and describe the circumstances (including examples of users of each method) under which each method would be used (Scott, 2011). Question 3: Contrast an unclassified income statement with the components of a classified income statement. Explain why a company would choose to present its income statement data in a classified format. Identify and describe the major sections of a classified income statement (Tracy, 2013). Question 4: What is gross margin? How is it calculated? Why might management be interested in the use of the tool for analyzing accounting information?