ok Print Item eriodic Inventory Accounts, Multiple-Step Income Statement, Closing Entries Instruction Chart of Accounts Labels and Amount Descriptions Starting Questions Instructions On December 31, 2076, the balances of the accounts appearing in the wedger of Wyman Company are as follows: $13,500 72,000 257.000 Cash Accounts Receivable Merchande inventory, January 1, 2016 Office Supplies Prepaid Insurance Land 3,000 4,500 150,000 270,000 55.900 78.500 16,000 27,800 Store Equipment Accumulated Depreciation Store Equipment Office Equipment Accumulated Depreciation Office Equipment Accounts Payable Customer Refunds Payable Salaries Payable Uneamed Rent Notes Payati Shirley Wyman Capital Siny Wyman Drawing Sales 50,000 3,000 8,300 50,000 530,500 25,000 3,200,000 Check My Work more Check My Works romaining Previous Next > Email instructor Save and Edt Submit Assignment for Grading Periodic Inventory Accounts, Multiple-Step Income Statement, Closing Entries tristructions Chart of Accounts Labels and Amount Descriptions Starting Questions Instructions Sales 3,280,000 2,650,000 93,000 37,000 48,000 300,000 45,000 9,000 Purchases Purchases Returns and Allowances Purchases Discounts Freight in Sales Salaries Expense Advertising Expense Delvery Expense Depreciation Expense-Store Equipment Miscellaneous Soling Experto Office Salaries Expense Rent Expense Insurance Expense Office Supples Expono Depreciation Expense Office Equipment Miscellaneous Administrative Experte Rent Revenue Interest Expense 6.000 12,000 175,000 28,000 3,000 2.000 1,500 3,500 7.000 2,000 Required: 1. Does Wyman Company seriodiventory system operative? Which account sled would not be used and both Check My Work more Check My Work remaining Previous Email Instructor Save and Ext Submit Assignmer Periodic Inventory Accounts, Multiple-Step Income Statement Closing Entries Instructions Chart of Accounts Labels and Amount Descriptions Starting Questions Instructions 12.000 175,000 28,000 3,000 Miscellaneous Seiling Expense Orice Salaries Expense Rent Expense Insurance Expense Office Supplies Expense Depreciation Expense-Office Equipment Miscellaneous Administrative Expense Rent Revenue Interest Expense 2,000 1,500 3,500 7.000 2,000 Required: 1. Does Wyman Company use a redemtox svatem or permeten lerentury.vatem? Which nomount isted would not be used under bet inventory system 2. Prepare a multiple step income statement for Wyman Company for the year ended December 31, 2018. The merchandise Story as of December 31, 2098, was $28.000. Enter amount as posterumbers un tumount sa calculation that results in a negative amount For emple Nettone should be negative. Expenses should be positive 2. Prepare the clowing arrester Wyman Company as of December 31, 2018 Relar to the chart of account ny no exact wording of the count CNOW journal do not use lines for your explanations Every line on a journal page is used for debitor credit artros. CNOW Juras wil mindent acreditary when a credit amount is onderd What would then come have been the per inventory system had been used Check My Work or Check My Works remaining Emas instructor Save and Est Submit Assignment for Grading 22 23 Administrative expenses 24 25 22 20 29 10 11 32 11 Label 14 15 Check My Work 3 more Check My Work uses remaining Previous Next Email Instructor Save and E Submit Assignment for Grae Instructions Chart of Accounts Labels and Amount Descriptions Starting Questions Journal JOURNAL ACCOUNTING EQUATION DATE POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Closing Entries 1 2 1 5 7 16 31 12 13 LA 15 Check My Work mor Check My Work remaining Previous Next Email Instructor Save and Exit Submit Assignment for Grad Journal 9 10 11 12 11 14 13 16 17 11 20 21 25 Check My Work more Check My Work uses remaining Previous Next Email instructor Save and Ext Submit Assignment for Grading Instructions Chart of Accounts Labels and Amount Descriptions Starting Questions Journal Final Question 5 4. What would the net income have been if the perpetual inventory system had been used? 10 1 12 14 1 10 11 10 19 20 21 11