Summary
The paper “Financial Accounting and Reporting” is an affecting example of a finance & accounting assignment. The paper begins with Income Statement for the year ending 31st May 2012: Sales 80,900 / Less: Sales returns 2400 / Net sales 78,500 / Less cost of goods sold / Purchases 37,900 / Add: Opening inventories 8200 / Cost of goods available for sale 46100…