The following information was available for Pete Company at…

The following information was available for Pete Company at December 31, 2015: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $984,000; and sales $1,350,000. Pete’s inventory turnover in 2015 was (Answer should contain one place after the decimal).

(The alignment may shift a bit due to Canvas formatting) The…

(The alignment may shift a bit due to Canvas formatting) The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: Revenues                                                                                                   $7,000 Expenses:       Salaries and Wages Expense                                           $3,000       Rent Expense                                                                      1,500       Advertising Expense                                                               800       Supplies Expense                                                                   300       Insurance Expense                                                                 100             Total expenses                                                                                5,700 Net income                                                                                                 $1,300   The entry to close the revenue account includes a