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Problem - On June 30, 20Y9, the balances of the accounts appearing in the ledger of Simkins Company are as follows:
Cash
$125,000
Accounts Receivable
340,000
Inventory, July 1, 20Y8
415,000
Estimated Returns Inventory, July 1, 20Y8
25,000
Office Supplies
9,000
Prepaid Insurance
18,000
Land
300,000
Store Equipment
550,000
Accumulated Depreciation-Store Equipment
190,000
Office Equipment
250,000
Accumulated Depreciation-Office Equipment
110,000
Accounts Payable
85,000
Customer Refunds Payable
30,000
Salaries Payable
Unearned Rent
6,000
Notes Payable
50,000
Common Stock
Retained Earnings
520,000
Dividends
$ 275,000
Sales
6,590,000
Purchases
4,100,000
Purchases Returns and Allowances
32,000
Purchases Discounts
13,000
Freight In
45,000
Sales Salaries Expense
580,000
Advertising Expense
315,000
Delivery Expense
Depreciation Expense-Store Equipment
12,000
Miscellaneous Selling Expense
28,000
Office Salaries Expense
375,000
Rent Expense
43,000
Insurance Expense
17,000
Office Supplies Expense
5,000
Depreciation Expense-Office Equipment
4,000
Miscellaneous Administrative Expense
16,000
Rent Revenue
32,500
Interest Expense
2,500
Required -
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, 20Y9. The inventory as of June 30, 20Y9, was $508,000. The estimated cost of customer returns inventory for June 30, 20Y9, is estimated to increase to $33,000.
3. Prepare the closing entries for Simkins Company as of June 30, 20Y9.
4. What would be the net income if the perpetual inventory system had been used?
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