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P5-88 The adjusted trial balance of Harrison Trading Company at September 30, 2020, appears below. Harrison Trading Company uses the perpetual inventory system. Req. 11 - Journalize Harrison Trading Company's closing entries. 2- Compute the gross margin percentage and the rate of inventory turnover for 2020, rounded to one decimal place. Inventory on hand at September 30, 2019, was $40,000 For 2019, Harrison Trading Company's gross margin percentage was 34.8 percent and the inventory turnover rate was 39 times. Does the two-year trend in these ratios suggest improvement or deterioration in * Req. 1 Harrisnn Tradinn Comnanu

P5-88 The adjusted trial balance of Harrison Trading Company at September 30, 2020, appears below. Harrison Trading Company uses the perpetual inventory system. Req. 11 - Journalize Harrison Trading Company's closing entries. 2- Compute the gross margin percentage and the rate of inventory turnover for 2020, rounded to one decimal place. Inventory on hand at September 30, 2019, was $40,000 For 2019, Harrison Trading Company's gross margin percentage was 34.8 percent and the inventory turnover rate was 39 times. Does the two-year trend in these ratios suggest improvement or deterioration in * Req. 1 Harrisnn Tradinn Comnanu

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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P5-88 The adjusted trial balance of Harrison Trading Company at September 30, 2020, appears below. Harrison Trading Company uses the perpetual inventory system. Req. 11 - Journalize Harrison Trading Company's closing entries. 2- Compute the gross margin percentage and the rate of inventory turnover for 2020, rounded to one decimal place. Inventory on hand at September 30, 2019, was $40,000 For 2019, Harrison Trading Company's gross margin percentage was 34.8 percent and the inventory turnover rate was 39 times. Does the two-year trend in these ratios suggest improvement or deterioration in * Req. 1 Harrisnn Tradinn Comnanu
Transcribed Image Text:P5-88 The adjusted trial balance of Harrison Trading Company at September 30, 2020, appears below. Harrison Trading Company uses the perpetual inventory system. Req. 11 - Journalize Harrison Trading Company's closing entries. 2- Compute the gross margin percentage and the rate of inventory turnover for 2020, rounded to one decimal place. Inventory on hand at September 30, 2019, was $40,000 For 2019, Harrison Trading Company's gross margin percentage was 34.8 percent and the inventory turnover rate was 39 times. Does the two-year trend in these ratios suggest improvement or deterioration in * Req. 1 Harrisnn Tradinn Comnanu
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