On June 30 2014 the balances of the accounts appearing
On June 30, 2014, the balances of the accounts appearing in the ledger of Simkins Company are as follows:

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, 2014. The merchandise inventory as of June 30, 2014, was $508,000.
3. Prepare the closing entries for Simkins Company as of June 30, 2014.
4. What would be the net income if the perpetual inventory system had beenused?
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