Question: On December 31 2014 the balances of the accounts appearing

On December 31, 2014, the balances of the accounts appearing in the ledger of Wyman Company are as follows:

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, 2014. The merchandise inventory as of December 31, 2014, was $305,000.
3. Prepare the closing entries for Wyman Company as of December 31, 2014.
4. What would be the net income if the perpetual inventory system had beenused?

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  • CreatedFebruary 28, 2014
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