Required: 1. Does Simkins Company use a periodic inventory system or perpetual inventory system? Miscellaneous administrative expense Total administrative expenses Total operating expenses Operating income Other revenue and expense: Rent revenue Interest expense Net income 3. Journalize the closing entries for Simkins Company as of June 30, 20Y9. If an amount box does not require an entry, leave it blank. Periodic inventory accounts, multiple-step income statement, closing entries On June 30,20Y9, the balances of the accounts appearing in the ledger of Simkins Company are as follows: 4. What would be the net income if the perpetual inventory system had been used? Which account listed would be used under one inventory system but not used under both inventory systems? 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30, 20Y9. The inventory as of June 30, 20Y9, was $508,000. The estimated cost of customer returns inventory for June 30,20Yg, is estimated to increase to $33,000. 4. What would be the net income if the perpetual inventory system had been used? Cost of goods sold before estimated returns Increase in estimated returns inventory Cost of goods sold Gross profit Operating Expenses: Selling expenses: Sales salaries expense Advertising expense Delivery expense Depreciation expense-store equipment Miscellaneous selling expense Total selling expenses Administrative expenses: Office salaries expense Rent expense Insurance expense Office supplies expense Depreciation expense-office equipment $ $ $ $ $