165.Discuss the following statement: “Operating cycles for all merchandising businesses are the same, with similar profit margins.” Include an example(s) to illustrate your explanation. ...

165.Discuss the following statement:

“Operating cycles for all merchandising businesses are the same, with similar profit margins.”

Include an example(s) to illustrate your explanation.

166.Describe the major differences in preparing the financial statements for a service business and a merchandisingbusiness.

167.Complete the following data taken from the condensed income statements for merchandising Companies A, B, andC.

168.Complete the following data taken from the condensed income statements for merchandising Companies X, Y, andZ.