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    General Hardware, Inc.

    Simko, Paul J.

    • Reference: DARDEN-C-2446-E

    • Number of pages: 3

    • Publication Date: Dec 16, 2020

    • Source: Darden University of Virginia (USA)

    • Type of Document: Exercise

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    Description

    The owners of a chain of hardware stores are preparing the most recent quarter financial statements. A number of business details are provided, including information to assess accrual accounting net income: sales, cost of sales, operating expenses, interest, depreciation, and taxes. The most recent balance sheet is provided, enabling an assessment of basic accruals (e.g., tax payable). This case may be used as a stand-alone exercise to illustrate the preparation of balance sheets and income statements using transactions and accruals.

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    Keywords

    Accruals Balance Sheet Financial accounting income statement Transactions