Solution manual fundamentals of accounting by cabrera chapter 04

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... Ingrid Company is a sole proprietorship This can be determined by examining the statement of capital or the balance sheet Absence of retained earnings or stock accounts eliminates the possibility... that Rainee Ingrid is the sole owner of a sole proprietorship b Rainee Ingrid uses a multistep income statement format This is demonstrated by the calculation of a gross margin for the company The... income statement can also be found on the company’s statement of capital The ending balance on the statement of capital was derived by adding net income for 2007 (P74,510) to the January 1, 2007
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