eBook Calculator Print Item Instructions On December 31, 2018, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash $13,500 Accounts receivable Inventory, January 1, 2018 Estimated returns inventory, January 1, 2018 72,000 257.000 35,000 3.000 4.500 Office supplies Prepaid insurance Land Store equipment Accumulated depreciation store equipment 150.000 270,000 55.900 78 500 16,000 Office equipment 77 800 Accumulated depreciation office equipment Accounts payable Salaries payable Customer refunds payable 3,000 50,000 Unearned rent 3300 Notes payable Common stock Retained earnings 50,000 150,000 365,600 25,000 3.200 000 2 650 000 Dividends Sales Purchases Instructions Purchases 2,650,000 Purchases returns and allowances 93,000 Purchases discounts 37,000 Freight in 48,000 Sales salaries expense Advertising expense Delivery expense Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense Rent expense 300,000 45,000 9,000 6,000 12,000 175,000 28,000 3,000 2.000 1,500 3,500 7,000 2.000 Insurance expense Office supplies expense Depreciation expense-office equipment Miscellaneous administrative expense Rent revenue Interest expense Required: 1. Does Wyman Company use a pe s temor perpetual inventory system? Which account sted would not be coed under bom inventory systems? 2. Prepare a multiple step income statement for Wyman Company for the year ended December 31, 2018 The inventory as of December 31 2018, was $300.000 The estimated cost of customer returns inventory for December 31, 2018 is estimated to increase to 540.000 Be sure to Complete the statement heading ter to the instructions and the list of Labels and Amount Descriptions for the exact wording text entre M om should he them e when Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense Rent expense Insurance expense 6,000 12,000 175,000 28,000 3,000 2,000 1,500 Office supplies expense Depreciation expense-office equipment Miscellaneous administrative expense Rent revenue Interest expense 3,500 7,000 2,000 Required: 1. Does Wyman Company use a periodic inventory system or perpetual inventory system? Which account isted would not be used under both inventory systems? 2. Prepare a multiple step income statement for Wyman Company for the year ended December 31, 2018. The inventory as of December 31, 2018, was 5305,000 The estimated cost of customer returns inventory for December 31, 2018, is estimated to increase to $40,000 Be sure to complete the statement heading Refer to the instructions and the Nist of Labels and Amount Descriptions for the exact wording of text entries Negative amount should be indicated by the minus sign. Colons() will win where needed 3. Prepare the closing entries for Wyman Company as of December 31, 2018 Refer to the Chart of Accounts for exact wording of account 100 4. What would be the net income the perpetual inventory system had been used? eBook Calculator Print Item Instructions On December 31, 2018, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash $13,500 Accounts receivable Inventory, January 1, 2018 Estimated returns inventory, January 1, 2018 72,000 257.000 35,000 3.000 4.500 Office supplies Prepaid insurance Land Store equipment Accumulated depreciation store equipment 150.000 270,000 55.900 78 500 16,000 Office equipment 77 800 Accumulated depreciation office equipment Accounts payable Salaries payable Customer refunds payable 3,000 50,000 Unearned rent 3300 Notes payable Common stock Retained earnings 50,000 150,000 365,600 25,000 3.200 000 2 650 000 Dividends Sales Purchases Instructions Purchases 2,650,000 Purchases returns and allowances 93,000 Purchases discounts 37,000 Freight in 48,000 Sales salaries expense Advertising expense Delivery expense Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense Rent expense 300,000 45,000 9,000 6,000 12,000 175,000 28,000 3,000 2.000 1,500 3,500 7,000 2.000 Insurance expense Office supplies expense Depreciation expense-office equipment Miscellaneous administrative expense Rent revenue Interest expense Required: 1. Does Wyman Company use a pe s temor perpetual inventory system? Which account sted would not be coed under bom inventory systems? 2. Prepare a multiple step income statement for Wyman Company for the year ended December 31, 2018 The inventory as of December 31 2018, was $300.000 The estimated cost of customer returns inventory for December 31, 2018 is estimated to increase to 540.000 Be sure to Complete the statement heading ter to the instructions and the list of Labels and Amount Descriptions for the exact wording text entre M om should he them e when Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense Rent expense Insurance expense 6,000 12,000 175,000 28,000 3,000 2,000 1,500 Office supplies expense Depreciation expense-office equipment Miscellaneous administrative expense Rent revenue Interest expense 3,500 7,000 2,000 Required: 1. Does Wyman Company use a periodic inventory system or perpetual inventory system? Which account isted would not be used under both inventory systems? 2. Prepare a multiple step income statement for Wyman Company for the year ended December 31, 2018. The inventory as of December 31, 2018, was 5305,000 The estimated cost of customer returns inventory for December 31, 2018, is estimated to increase to $40,000 Be sure to complete the statement heading Refer to the instructions and the Nist of Labels and Amount Descriptions for the exact wording of text entries Negative amount should be indicated by the minus sign. Colons() will win where needed 3. Prepare the closing entries for Wyman Company as of December 31, 2018 Refer to the Chart of Accounts for exact wording of account 100 4. What would be the net income the perpetual inventory system had been used