unting for Merchandising Businesses Appendix PR 6-9A Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows Cash Accounts Receivable Merchandise Inventory $2,650,000 93,000 37,000 48,000 300,000 45,000 9,000 $ 13,500 72,000 January 1, 2019 Estimated Returns Inventory Office Supplies Prepaid Insurance Land Store Equipment Accumulated Depreciation- 257,000 35,000 3,000 4,500 150,000 270,000 Purchases Returns and Allowances Purchases Discounts Freight In Sales Salaries Expense Advertising Expense Delivery Expense tore Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Office Supplies Expense 6,000 12,000 175,000 28,000 3,000 2,000 Store Equipment Office Equipment Accumulated Depreciation- 55,900 78,500 Office Equipment Accounts Payable Customer Refunds Payable Salaries Payable Unearned Rent Notes Payable Shirley Wyman, Capital Shirley Wyman, Drawing Sales 16,000 27,800 50,000 3,000 8,300 50,000 515,600 25,000 3,280,000 Office Equipment Miscellaneous Administrative Expense Rent Revenue Interest Expense 1,500 3,500 7,000 2,000 Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory 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. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been