142. What is inventory shrinkage? How do managers account for shrinkage? 143. How do closing entries for a merchandising company that uses the perpetual inventory system differ from the closing...

142. What is inventory shrinkage? How do managers account for shrinkage?

143. How do closing entries for a merchandising company that uses the perpetual inventory system differ from the closing entries for a service company?

144. Explain the difference between the single-step and multiple-step income statements.

145. Distinguish between selling expenses and general and administrative expenses.

146. What are the differences between the periodic and the perpetual inventory systems?

147. Why does Joel Boblit's company, Big Bad Toy Store, use a perpetual inventory system?