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Question: 1. The fiscal years for several well-known companies were as follows:

Company Fiscal Year Ending

Wal-Mart January 31

JCPenney January 26

Best Buy February 28

The Gap Inc. January 31

Federated Department Stores February 3

The Limited, Inc. January 31

What general characteristic shared by these companies explains why they do not have fiscal years ending December 31?

2. What is the purpose of the post-closing trial balance?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92336142

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