Inferring Year-End Adjustments, Computing Earnings per Share and Net Profit Margin, and Recording…

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Inferring Year-End Adjustments, Computing Earnings per Share and Net Profit Margin, and Recording Closing Entries
Taos Company is completing the information processing cycle at the end of its fiscal year, December 31, 2011. Following are the correct balances at December 31, 2011, for the accounts both before and after the adjusting entries for 2011.