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AccountingFinancial And Managerial AccountingAppendix 2 PR 5-10B 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: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 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, 20Y9, is estimated to increase to $33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 20Y9. 4. What would be the net income if the perpetual inventory system had been used?

Appendix 2 PR 5-10B 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: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 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, 20Y9, is estimated to increase to $33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 20Y9. 4. What would be the net income if the perpetual inventory system had been used?

BuyFind

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
BuyFind

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

Solutions

Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 1BE
Problem 2BE
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Problem 7BE
Problem 1E
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Problem 1PA
Problem 2PA
Problem 3PA
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Problem 6PA
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Problem 8PA
Problem 9PA
Problem 10PA
Problem 1PB
Problem 2PB
Problem 3PB
Problem 4PB
Problem 5PB
Problem 6PB
Problem 7PB
Problem 8PB
Problem 9PB
Problem 10PB
Problem 1COMP
Problem 1MAD
Problem 2MAD
Problem 3MAD
Problem 4MAD
Problem 5MAD
Problem 6MAD
Problem 7MAD
Problem 1TIF
Problem 2TIF
Problem 5TIF
Problem 6TIF
Problem 7TIF
Chapter 5, Problem 10PB
Textbook Problem

Appendix 2

PR 5-10B 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:

Chapter 5, Problem 10PB, Appendix 2 PR 5-10B Periodic inventory accounts, multiple-step income statement, closing entries On

Instructions

1. Does Simkins Company use a periodic or perpetual inventory system? Explain.

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, 20Y9, is estimated to increase to $33,000.

3. Prepare the closing entries for Simkins Company as of June 30, 20Y9.

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

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Chapter 5 Solutions

Financial And Managerial Accounting
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