Please help me

Instructions

On December 31, 2016, the balances of the accounts appearing in the ledger of Wyman Company are as follows:

Cash $13,500

Accounts Receivable 72,000

Merchandise Inventory, January 1, 2016 257,000

Office Supplies 3,000

Prepaid Insurance 4,500

Land 150,000

Store Equipment 270,000

Accumulated Depreciation-Store Equipment 55,900

Office Equipment 78,500

Accumulated Depreciation-Office Equipment 16,000

Accounts Payable 27,800

Salaries Payable 3,000

Unearned Rent 8,300

Notes Payable 50,000

Shirley Wyman, Capital 580,500

Shirley Wyman, Drawing 25,000

Sales 3,280,000

Purchases 2,650,000

Purchases Returns and Allowances 93,000

Purchases Discounts 37,000

Freight In 48,000

Sales Salaries Expense 300,000

Advertising Expense 45,000

Delivery Expense 9,000

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 listed would not be used under both inventory systems?

2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2016. Be sure to complete the heading of the statement.

The merchandise inventory as of December 31, 2016, was $305,000. 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 entries. Less, Add or colons (:) will automatically appear if required. In the Other income and expenses 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, 2016.

Refer to the Chart of Accounts for exact wording of account titles.

4. What would be the net income if the perpetual inventory system had been used?

Wyman Company

General Ledger

ASSETS

110 Cash

120 Accounts Receivable

125 Notes Receivable

130 Merchandise Inventory

140 Office Supplies

141 Store Supplies

142 Prepaid Insurance

180 Land

192 Store Equipment

193 Accumulated Depreciation-Store Equipment

194 Office Equipment

195 Accumulated Depreciation-Office Equipment

LIABILITIES

210 Accounts Payable

216 Salaries Payable

218 Sales Tax Payable

219 Customers Refunds Payable

220 Unearned Rent

221 Notes Payable

EQUITY

310 Shirley Wyman, Capital

311 Shirley Wyman, Drawing

312 Income Summary

REVENUE

410 Sales

610 Rent Revenue

EXPENSES

510 Purchases

511 Purchases Returns and Allowances

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

534 Store Supplies Expense

535 Office Supplies Expense

536 Credit Card Expense

539 Miscellaneous Selling Expense

540 Miscellaneous Administrative Expense

710 Interest Expense

Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2016. Be sure to complete the heading of the statement. The merchandise inventory

Merchandise on hand (not sold) at the end of an accounting period.

as of December 31, 2016, was $305,000. 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 entries. Less, Add or colons (:) will automatically appear if required. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.

CHART OF ACCOUNTS

Wyman Company

General Ledger

ASSETS

110 Cash

120 Accounts Receivable

125 Notes Receivable

130 Merchandise Inventory

140 Office Supplies

141 Store Supplies

142 Prepaid Insurance

180 Land

192 Store Equipment

193 Accumulated Depreciation-Store Equipment

194 Office Equipment

195 Accumulated Depreciation-Office Equipment

LIABILITIES

210 Accounts Payable

216 Salaries Payable

218 Sales Tax Payable

219 Customers Refunds Payable

220 Unearned Rent

221 Notes Payable

EQUITY

310 Shirley Wyman, Capital

311 Shirley Wyman, Drawing

312 Income Summary

REVENUE

410 Sales

610 Rent Revenue

EXPENSES

510 Purchases

511 Purchases Returns and Allowances

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

534 Store Supplies Expense

535 Office Supplies Expense

536 Credit Card Expense

539 Miscellaneous Selling Expense

540 Miscellaneous Administrative Expense

710 Interest Expense

Does Wyman Company use a periodic inventory system or perpetual inventory system?

____Periodic inventory system

____Perpetual inventory system

Which account listed would not be used under both inventory systems?

__Customers Refunds Payable

__Delivery Expense

__Purchases

__Merchandise Inventory

What would be the net income if the perpetual inventory system had been used?

Please help me

Instructions

On December 31, 2016, the balances of the accounts appearing in the ledger of Wyman Company are as follows:

Cash $13,500

Accounts Receivable 72,000

Merchandise Inventory, January 1, 2016 257,000

Office Supplies 3,000

Prepaid Insurance 4,500

Land 150,000

Store Equipment 270,000

Accumulated Depreciation-Store Equipment 55,900

Office Equipment 78,500

Accumulated Depreciation-Office Equipment 16,000

Accounts Payable 27,800

Salaries Payable 3,000

Unearned Rent 8,300

Notes Payable 50,000

Shirley Wyman, Capital 580,500

Shirley Wyman, Drawing 25,000

Sales 3,280,000

Purchases 2,650,000

Purchases Returns and Allowances 93,000

Purchases Discounts 37,000

Freight In 48,000

Sales Salaries Expense 300,000

Advertising Expense 45,000

Delivery Expense 9,000

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 listed would not be used under both inventory systems?

2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2016. Be sure to complete the heading of the statement.

The merchandise inventory as of December 31, 2016, was $305,000. 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 entries. Less, Add or colons (:) will automatically appear if required. In the Other income and expenses 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, 2016.

Refer to the Chart of Accounts for exact wording of account titles.

4. What would be the net income if the perpetual inventory system had been used?

Wyman Company

General Ledger

ASSETS

110 Cash

120 Accounts Receivable

125 Notes Receivable

130 Merchandise Inventory

140 Office Supplies

141 Store Supplies

142 Prepaid Insurance

180 Land

192 Store Equipment

193 Accumulated Depreciation-Store Equipment

194 Office Equipment

195 Accumulated Depreciation-Office Equipment

LIABILITIES

210 Accounts Payable

216 Salaries Payable

218 Sales Tax Payable

219 Customers Refunds Payable

220 Unearned Rent

221 Notes Payable

EQUITY

310 Shirley Wyman, Capital

311 Shirley Wyman, Drawing

312 Income Summary

REVENUE

410 Sales

610 Rent Revenue

EXPENSES

510 Purchases

511 Purchases Returns and Allowances

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

534 Store Supplies Expense

535 Office Supplies Expense

536 Credit Card Expense

539 Miscellaneous Selling Expense

540 Miscellaneous Administrative Expense

710 Interest Expense

Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2016. Be sure to complete the heading of the statement. The merchandise inventory

Merchandise on hand (not sold) at the end of an accounting period.

as of December 31, 2016, was $305,000. 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 entries. Less, Add or colons (:) will automatically appear if required. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.

CHART OF ACCOUNTS

Wyman Company

General Ledger

ASSETS

110 Cash

120 Accounts Receivable

125 Notes Receivable

130 Merchandise Inventory

140 Office Supplies

141 Store Supplies

142 Prepaid Insurance

180 Land

192 Store Equipment

193 Accumulated Depreciation-Store Equipment

194 Office Equipment

195 Accumulated Depreciation-Office Equipment

LIABILITIES

210 Accounts Payable

216 Salaries Payable

218 Sales Tax Payable

219 Customers Refunds Payable

220 Unearned Rent

221 Notes Payable

EQUITY

310 Shirley Wyman, Capital

311 Shirley Wyman, Drawing

312 Income Summary

REVENUE

410 Sales

610 Rent Revenue

EXPENSES

510 Purchases

511 Purchases Returns and Allowances

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

534 Store Supplies Expense

535 Office Supplies Expense

536 Credit Card Expense

539 Miscellaneous Selling Expense

540 Miscellaneous Administrative Expense

710 Interest Expense

Does Wyman Company use a periodic inventory system or perpetual inventory system?

____Periodic inventory system

____Perpetual inventory system

Which account listed would not be used under both inventory systems?

__Customers Refunds Payable

__Delivery Expense

__Purchases

__Merchandise Inventory

What would be the net income if the perpetual inventory system had been used?

Please help me

Instructions

On December 31, 2016, the balances of the accounts appearing in the ledger of Wyman Company are as follows:

Cash $13,500

Accounts Receivable 72,000

Merchandise Inventory, January 1, 2016 257,000

Office Supplies 3,000

Prepaid Insurance 4,500

Land 150,000

Store Equipment 270,000

Accumulated Depreciation-Store Equipment 55,900

Office Equipment 78,500

Accumulated Depreciation-Office Equipment 16,000

Accounts Payable 27,800

Salaries Payable 3,000

Unearned Rent 8,300

Notes Payable 50,000

Shirley Wyman, Capital 580,500

Shirley Wyman, Drawing 25,000

Sales 3,280,000

Purchases 2,650,000

Purchases Returns and Allowances 93,000

Purchases Discounts 37,000

Freight In 48,000

Sales Salaries Expense 300,000

Advertising Expense 45,000

Delivery Expense 9,000

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 listed would not be used under both inventory systems?

2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2016. Be sure to complete the heading of the statement.

The merchandise inventory as of December 31, 2016, was $305,000. 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 entries. Less, Add or colons (:) will automatically appear if required. In the Other income and expenses 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, 2016.

Refer to the Chart of Accounts for exact wording of account titles.

4. What would be the net income if the perpetual inventory system had been used?

Wyman Company

General Ledger

ASSETS

110 Cash

120 Accounts Receivable

125 Notes Receivable

130 Merchandise Inventory

140 Office Supplies

141 Store Supplies

142 Prepaid Insurance

180 Land

192 Store Equipment

193 Accumulated Depreciation-Store Equipment

194 Office Equipment

195 Accumulated Depreciation-Office Equipment

LIABILITIES

210 Accounts Payable

216 Salaries Payable

218 Sales Tax Payable

219 Customers Refunds Payable

220 Unearned Rent

221 Notes Payable

EQUITY

310 Shirley Wyman, Capital

311 Shirley Wyman, Drawing

312 Income Summary

REVENUE

410 Sales

610 Rent Revenue

EXPENSES

510 Purchases

511 Purchases Returns and Allowances

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

534 Store Supplies Expense

535 Office Supplies Expense

536 Credit Card Expense

539 Miscellaneous Selling Expense

540 Miscellaneous Administrative Expense

710 Interest Expense

Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2016. Be sure to complete the heading of the statement. The merchandise inventory

Merchandise on hand (not sold) at the end of an accounting period.

as of December 31, 2016, was $305,000. 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 entries. Less, Add or colons (:) will automatically appear if required. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.

CHART OF ACCOUNTS

Wyman Company

General Ledger

ASSETS

110 Cash

120 Accounts Receivable

125 Notes Receivable

130 Merchandise Inventory

140 Office Supplies

141 Store Supplies

142 Prepaid Insurance

180 Land

192 Store Equipment

193 Accumulated Depreciation-Store Equipment

194 Office Equipment

195 Accumulated Depreciation-Office Equipment

LIABILITIES

210 Accounts Payable

216 Salaries Payable

218 Sales Tax Payable

219 Customers Refunds Payable

220 Unearned Rent

221 Notes Payable

EQUITY

310 Shirley Wyman, Capital

311 Shirley Wyman, Drawing

312 Income Summary

REVENUE

410 Sales

610 Rent Revenue

EXPENSES

510 Purchases

511 Purchases Returns and Allowances

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

534 Store Supplies Expense

535 Office Supplies Expense

536 Credit Card Expense

539 Miscellaneous Selling Expense

540 Miscellaneous Administrative Expense

710 Interest Expense

Does Wyman Company use a periodic inventory system or perpetual inventory system?

____Periodic inventory system

____Perpetual inventory system

Which account listed would not be used under both inventory systems?

__Customers Refunds Payable

__Delivery Expense

__Purchases

__Merchandise Inventory

What would be the net income if the perpetual inventory system had been used?