Question: 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?
View Solution:

Sale on SolutionInn
  • CreatedFebruary 28, 2014
  • Files Included
Post your question