menu
bartleby
search
close search
Hit Return to see all results
close solutoin list

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 $308,000. 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?

BuyFindarrow_forward

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169

Solutions

Chapter
Section
BuyFindarrow_forward

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
Chapter 5, Problem 5.10BPR
Textbook Problem
38 views

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 5.10BPR, Periodic inventory accounts, multiple-step income statement, closing entries On June 30, 20Y9, the , example  1

  Instructions

1. Chapter 5, Problem 5.10BPR, Periodic inventory accounts, multiple-step income statement, closing entries On June 30, 20Y9, the , example  2 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 $308,000. 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?

(1)

To determine

To Explain: Whether Company S uses a periodic inventory system or perpetual inventory system.

Explanation of Solution

Periodic Inventory System is a system in which the inventory is updated in the accounting records on a periodic basis such as at th...

(2)

To determine

To Prepare: The income statement of Company S for the year ended June 30, 20Y9.

3.

To determine

To Record: The closing entries of Company S.

4.

To determine

To Mention: The net income of S Company under the perpetual inventory system.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 5 Solutions

Corporate Financial Accounting
Show all chapter solutions
add
Ch. 5 - Gross profit During the current year, merchandise...Ch. 5 - Purchases transactions Elkhorn Company purchased...Ch. 5 - Sales transactions Journalize the following...Ch. 5 - Freight terms Determine the amount to be paid in...Ch. 5 - Transactions for buyer and seller Shore Co. sold...Ch. 5 - Adjusting entries Halm Flooring Company uses a...Ch. 5 - Asset turnover ratio Financial statement data for...Ch. 5 - Determining gross profit During the current year,...Ch. 5 - Determining cost of goods sold For a recent year,...Ch. 5 - Chart of accounts Monet Paints Co. is a newly...Ch. 5 - Purchase-related transactions The Stationery...Ch. 5 - Purchase-related transactions A retailer is...Ch. 5 - Purchase-related transactions The debits and...Ch. 5 - Purchase-related transactions Stylon Co., a...Ch. 5 - Purchase-related transactions Journalize entries...Ch. 5 - Sales-related transactions, including the use of...Ch. 5 - Customer refund Senger Company sold merchandise of...Ch. 5 - Customer return and refund On December 28, 20Y3,...Ch. 5 - Sales-related transactions After the amount due on...Ch. 5 - Sales-related transactions The debits and credits...Ch. 5 - Sales-related transactions Sayers Co. sold...Ch. 5 - Determining amounts to be paid on invoices...Ch. 5 - Sales-related transactions Showcase Co., a...Ch. 5 - Purchase-related transactions Based on the data...Ch. 5 - Sales tax A sale of merchandise on account for...Ch. 5 - Sales tax transactions Journalize the entries to...Ch. 5 - Normal balances of merchandise accounts What is...Ch. 5 - Income statement and accounts for merchandiser For...Ch. 5 - Adjusting entry for inventory shrinkage Omega Tire...Ch. 5 - Adjusting entry for customer refunds, allowances,...Ch. 5 - Adjusting entry for customer refunds, allowances,...Ch. 5 - Income statement for merchandiser The following...Ch. 5 - Determining amounts for items omitted from income...Ch. 5 - Multiple-step income statement On March 31, 20Y9,...Ch. 5 - Multiple-step income statement The following...Ch. 5 - Single-step income statement Summary operating...Ch. 5 - Closing the accounts of a merchandiser From the...Ch. 5 - Closing entries; net income Based on the data...Ch. 5 - Closing entries On July 31, the close of the...Ch. 5 - Gross method for sales discounts Schofield Co....Ch. 5 - Gross method for sales discounts The following...Ch. 5 - Adjusting entry for gross method The following...Ch. 5 - Discount taken in next fiscal year Using the data...Ch. 5 - Gross and net methods for sales discounts The...Ch. 5 - Rules of debit and credit for periodic inventory...Ch. 5 - Journal entries using the periodic inventory...Ch. 5 - Identify items missing in determining cost of...Ch. 5 - Appendix Cost of goods sold and related items The...Ch. 5 - Cost of goods sold Based on the following data,...Ch. 5 - Cost of goods sold Based on the following data,...Ch. 5 - Appendix 2 Cost of goods sold Identify the errors...Ch. 5 - Closing entries using periodic inventory system...Ch. 5 - Purchase-related transactions using perpetual...Ch. 5 - Sales-related transactions using perpetual...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Multiple-step income statement and balance sheet...Ch. 5 - Single-step income statement and balance sheet...Ch. 5 - Purchase-related transactions using periodic...Ch. 5 - Appendix Sales-related and purchase-related...Ch. 5 - Appendix Sales-related and purchase-related...Ch. 5 - Periodic inventory accounts, multiple-step income...Ch. 5 - Purchase-related transactions using perpetual...Ch. 5 - Sales-related transactions using perpetual...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Multiple-step income statement and balance sheet...Ch. 5 - Single-step income statement and balance sheet...Ch. 5 - Appendix PR 5-78 Purchase-related transactions...Ch. 5 - Appendix Sales-related and purchase-related...Ch. 5 - Appendix Sales-related and purchase-related...Ch. 5 - Periodic inventory accounts, multiple-step income...Ch. 5 - Comprehensive Problem 2 8. Net income: 741,455...Ch. 5 - Analyze and compare Amazon.com and Netflix...Ch. 5 - Analyze Dollar General Dollar General Corporation...Ch. 5 - Compare Dollar Tree and Dollar General The asset...Ch. 5 - Analyze and compare CSX, Union Pacific, and YRC...Ch. 5 - Analyze Home Depot The Home Depot (HD) reported...Ch. 5 - Analyze and compare Kroger and Tiffany The Kroger...Ch. 5 - Analyze J. C. Penney J. C. Penney Company, Inc....Ch. 5 - Ethics in Action Margie Johnson is a staff...Ch. 5 - Purchases discount On April 18, 20Y7, Bontanica...Ch. 5 - Effect of sales discounts Sod Nomro operates...Ch. 5 - Purchases discounts and accounts payable Rustic...Ch. 5 - Determining cost of purchase The following is an...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions add
What is allocation?

Managerial Accounting: The Cornerstone of Business Decision-Making

UNEVEN CASH FLOW STREAM a. Find the present values of the following cash flow streams at an 8% discount rate. b...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)