The income statement section of the johnson company workshee

The income statement section of the johnson company worksheet for the year ended December 31, 2019, has $199,000 recorded in the Debit column and $215,345 in the Credit column on the line for the Income Summary account. What were the beginning and ending balances for Merchandise Inventory?

Solution

Ans) Beginning merchandise inventory = $199,000

Ending merchandise inventory = $215,345