The florida corp closes its books once a year on dec 31 on, Ask an Expert

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The Florida Corp. closes its books once a year on Dec. 31. On Aug. 12, 2011, Florida's "Merchandise Inventory" account has a balance of $43,000 in the Florida general ledger.
Required: If Florida maintains a periodic inventory, what does this $43,000 number signify?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9980304

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