Periodic inventory accounts, multiple-step income statement, closing entries Instructions Chart of Accounts Labels and Amount Descriptions Starting Questions Instructions On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash $13,500 72,000 257,000 Accounts Receivable Merchandise Inventory, January 1, 2019 Estimated Returns Inventory Office Supplies Prepaid Insurance 35,000 3,000 4,500 Land 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 Uneared Rent Notes Payable Shirley Wyman, Capital Shirley Wyman, Drawing Sales 50.000 3,000 8,300 50,000 515,600 25,000 3.280.000 Du CE Purchases Discounts 37,000 Freight in 48,000 Sales Salaries Expense 300,000 Advertising Expense 45,000 9,000 Delivery Expense Depreciation Expense-Store Equipment 6,000 Miscellaneous Selling Expense 12,000 Office Salaries Expense 175,000 Rent Expense 28,000 Insurance Expense 3,000 Office Supplies Expense 2,000 Depreciation Expense-Office Equipment 1,500 Miscellaneous Administrative Expense 3,500 Rent Revenue 7,000 Interest Expense 2,000 Required: 1 Does Wyman Company use a periodic inventory system or perpetual 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, 2019. Be sure to complete the heading or the statement. The merchandienventory as of December 31, 2019, was 305,000 The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was $30.000 Refer to the chart of accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entra "Los" Add" or colons ) will automatically appear it required in the Omer revenue and experiens section only enter amounts that represent other expenses as negative numbers using a minus sign 3. Prepare the closing entries for Wyman Company as of December 31, 2019 Refer to the Chart or Accounts for exact wording of account titles 4 What would the net income have been if the perpetual inventory system had been used? Instructions Chart of Accounts Labels and Amount Descriptions Starting Questions Chart of Accounts CHART OF ACCOUNTS Wyman Company General Ledger ASSETS REVENUE 110 Cash > 410 Sales 610 Rent Revenue 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 140 Office Supplies 141 Store Supplies EXPENSES 510 Purchases 511 Purchases Returns and Allowances 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment 512 Purchases Discounts 513 Freight in 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Sales Salaries Expense 527 Office Salaries Expense 531 Rent Expense 533 Insurance Expense LIABILITIES 47 210 Accounts Payable 216 Salaries Payable Check My Work Periodic inventory accounts, multiple-step income statement, closing entries Instructions Chart of Accounts Labels and Amount Descriptions Starting Questid 510 Purchases Chart of Accounts 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 511 Purchases Returns and Allowances 512 Purchases Discounts 180 Land 192 Store Equipment 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment 513 Freight in 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Sales Salaries Expense 527 Office Salaries Expense LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customers Refunds Payable 220 Unearned Rent 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Selling Expense 540 Miscellaneous Administrative Expense 710 Interest Expense 221 Notes Payable EQUITY 310 Shirley Wyman, Capital 311 Shirley Wyman, Drawing 312 Estimated Returns Inventory Labels Administrative expenses Cost of merchandise sold 1 Cost of merchandise purchased For the Year Ended December 31, 2019 2 3 Expenses 4 Other revenue and expense Selling expenses 5 6 . Amount Descriptions Total cost of merchandise purchased a Cost of merchandise sold Cost of merchandise sold before estimated returns 09 9 Gross profit 10 Income from operations Increase in estimated returns inventory 11 12 Merchandise available for sale 13 Merchandise inventory, December 31, 2019 Merchandise inventory, January 1, 2019 14 Net income Net loss eck My Work ent Score: 56.16% Periodic inventory accounts, multiple step income statement, closing entries instructions Chart of Accounts Labels and Amount Descriptions Star Income Statement Labels and Amount Descriptions WILD WELL Expenses Other revenue and expense Selling expenses Amount Descriptions Total cost of merchandise purchased Cost of merchandise sold Cost of merchandise sold before estimated returns Gross profit Income from operations Increase in estimated returns inventory Merchandise available for sale Merchandise inventory, December 31, 2019 Merchandise inventory, January 1 2019 Net income Net loss 15 Net purchases Total administrative expenses Total operating expenses Total selling expenses 15 Check My Work Assignment Score: 56.10% Type here to search O 2 Instructions Chart of Accounts Labels and Amount Descriptions Starting Questions Income Statement Journal Income Statement Wyman Company Score: 62/314 Income Statement For the Year Ended December 31, 2019 1 Sales $3.280,000.00 3 2 Cost of merchandise Sold: Merchandise inventory. January 1, 2019 Cost of merchandise purchased Purchases $257.000.00 5 Purchases returns and allowances 93,000.00 Purchases discounts 57.000,00 Net purchases $2.520.000.00 Freight in 48,000.00 10 258,000.00 11 52.825,000.00 305.000.00 15 14 Check My Work ignment Score: 56.16% All work saved Periodic inventory accounts, multiple step income statement, closing entries Instructions Chant of Accounts Label and Amount Descriptions Starting Questions Income Statement Journal Income Statement Shaded Seling 1 11 IT 24 Adedi Check My Work Asst Score: 56.10% All Wed Email Instructor 34 Minister ember 31, 2019. Refor to the Chart of Accounts for exact wording of accounts Question not attempted. PAGE 10 JOURNAL Score: 0/291 DATE ACCOUNTING EQUATION POSTRE DESCRIPTION Closing Entries DEBIT CREDIT AUTIES EQUITY 10 11 odic inventory accounts, multiple-step income statement, closing entries Instructions Chart of Accounts Labels and Amount Descriptions ! Star urnal Final Question Shaded cells 2 4. What would the net income have been if the perpetual inventory system had been used? $