ebook Calculator Print Item Periodic inventory accounts, multiple step income statement closing entries Instructions Chart of Accounts Labels and Amount Descriptions First Questions Income Statement Journal Final Question Instructions On December 31, 2018, the balances of the accounts appearing in the edge of Wyman Company w as follows Cash Accounts receivable $13.500 72.000 257,000 35,000 Inventory, January 1, 2018 Estimated returns inventory, January 1, 2018 Office supplies 3.00 Prepaid insurance 4500 150.000 Land 270.000 Store equipment Accumulated depreciation store equipment Once equipment Accumulated depreciation orice equipment Accounts payable 55.900 78.500 16.000 Salaries payable Customer refunds payable Uneamed rent 8.300 50,000 Notes payable Check My Work 10 more Check My Work uses remaining Instructions Chart of Accounts Labels and Amount Descriptions First Questions Income Statement Journal Final Question Instructions Notes payable Common stock Retained earnings Dividends Sales Purchases 50,000 150,000 365,600 25.000 3.280,000 2.650,000 95.000 37.000 48,000 300,000 Purchases returns and allowances Purchases discounts Freight Sales ares expense Advertising expense Delivery experte Depreciation expense store equipment Miscellaneous selling expense Office salanes expense 45.000 6000 Insurance expense Orice supplies expense 2000 Check My Work 10 more Check My Work uses remaining eBook Calculator Print Item C L EANSET OM Instructions Chart of Accounts Labels and Amount Descriptions First Questions Income Statement Journal Final Questi Instructions Omice salaries expense Rent expense Insurance expense Office supplies expense Depreciation expense office equipment Miscellaneous administrative expense 175,000 28.000 3,000 2.000 1,500 3,500 7.000 2.000 Rent revenue Interest expense Required: 1 Does Wyman Company use a perc inventory system or perpetua inventory system? Which account sted 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 $10,000 Be sure to complete the statement heading Refer to the instructions and the list of Labels and Amount Descrptions 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 accounties 4. What would be the net income if the perpetuinvertory system had been used? Check My Work 10 more Check My Work uses remaining ebook Calculator Print Item Periodic inventory accounts, multiple step income statement closing entries Instructions Chart of Accounts Labels and Amount Descriptions First Questions Income Statement Journal Final Question Instructions On December 31, 2018, the balances of the accounts appearing in the edge of Wyman Company w as follows Cash Accounts receivable $13.500 72.000 257,000 35,000 Inventory, January 1, 2018 Estimated returns inventory, January 1, 2018 Office supplies 3.00 Prepaid insurance 4500 150.000 Land 270.000 Store equipment Accumulated depreciation store equipment Once equipment Accumulated depreciation orice equipment Accounts payable 55.900 78.500 16.000 Salaries payable Customer refunds payable Uneamed rent 8.300 50,000 Notes payable Check My Work 10 more Check My Work uses remaining Instructions Chart of Accounts Labels and Amount Descriptions First Questions Income Statement Journal Final Question Instructions Notes payable Common stock Retained earnings Dividends Sales Purchases 50,000 150,000 365,600 25.000 3.280,000 2.650,000 95.000 37.000 48,000 300,000 Purchases returns and allowances Purchases discounts Freight Sales ares expense Advertising expense Delivery experte Depreciation expense store equipment Miscellaneous selling expense Office salanes expense 45.000 6000 Insurance expense Orice supplies expense 2000 Check My Work 10 more Check My Work uses remaining eBook Calculator Print Item C L EANSET OM Instructions Chart of Accounts Labels and Amount Descriptions First Questions Income Statement Journal Final Questi Instructions Omice salaries expense Rent expense Insurance expense Office supplies expense Depreciation expense office equipment Miscellaneous administrative expense 175,000 28.000 3,000 2.000 1,500 3,500 7.000 2.000 Rent revenue Interest expense Required: 1 Does Wyman Company use a perc inventory system or perpetua inventory system? Which account sted 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 $10,000 Be sure to complete the statement heading Refer to the instructions and the list of Labels and Amount Descrptions 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 accounties 4. What would be the net income if the perpetuinvertory system had been used? Check My Work 10 more Check My Work uses remaining