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On June 30 2018 the balances of the accounts appearing in the ledger of Simkins Company $1208000 are as follows Instructions Does Simkins Company

On June 30, 2018, the balances of the accounts appearing in the ledger of Simkins Company $1,208,000 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, 2018. The inventory as of June 30, 2018, was $508,000. The estimated cost of customer returns inventory for June 30, 2018 is estimated to increase to $33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 2018. 4. What would be the net income if the perpetual inventory system had been used?

Apr 21 2020 View more View Less

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