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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 41
Periodic inventory accounts, multiple-step income statement, closing entries
On June 30, 2016, 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, 2016. The merchandise inventory as of June 30, 2016, was $508,000.
3. Prepare the closing entries for Simkins Company as of June 30, 2016.
4. What would be the net income if the perpetual inventory system had been used
On June 30, 2016, 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, 2016. The merchandise inventory as of June 30, 2016, was $508,000.
3. Prepare the closing entries for Simkins Company as of June 30, 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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