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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 36
Periodic inventory accounts, multiple-step income statement, closing entries
On December 31, 2016, the balances of the accounts appearing in the ledger of Wyman Company are as follows:
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, 2016. The merchandise inventory as of December 31, 2016, was $305,000.
3. Prepare the closing entries for Wyman Company as of December 31, 2016.
4. What would be the net income if the perpetual inventory system had been used
On December 31, 2016, the balances of the accounts appearing in the ledger of Wyman Company are as follows:
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, 2016. The merchandise inventory as of December 31, 2016, was $305,000.
3. Prepare the closing entries for Wyman Company as of December 31, 2016.
4. What would be the net income if the perpetual inventory system had been used
Explanation
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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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