510B

Appendix 2 PR 5-10B Periodic inventory accounts, multiple-step income statement, closing entries: On June 30,20Y9, the balances of the accounts appearing in the ledger of simkins Conmpany are Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Facplain. 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30 , 20Y9. The inventory as of June 30,20Y9, was $508,000. The extimafed cost of customer returns inventory for June 30,20y9, is estimated to increase to $33,000. 3. Journalize the closing entries for Simkins Company as of June 30, 20y9. 4. What would be the net income if the perpetual inventory system had been usede