Ch5solutions

Ch5solutions - CHAPTER 5 Merchandising Operations and the...

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Unformatted text preview: CHAPTER 5 Merchandising Operations and the Multiple-Step Income Statement Study Objectives 1. Identify the differences between a service enterprise and a merchandising company. 2. Explain the recording of purchases under a perpetual inventory system. 3. Explain the recording of sales revenues under a perpetual inventory system. 4. Distinguish between a single-step and a multiple-step income statement. 5. Determine cost of goods sold under a periodic system. 6. Explain the factors affecting profitability. Summary of Questions by Study Objectives and Blooms Taxonomy Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT Questions 1. 1 C 6. 3 C 11. 2 AP 16. 1 K 21. 6 K 2. 1 C 7. 3 K 12. 4 AP 17. 2 K 22. 6 C 3. 1 C 8. 3 AP 13. 3 C 18. 2 K 23. 6 AN 4. 1 C 9. 3 C 14. 4 C 19. 5 K 24. 7* AP 5. 1 AP 10. 3 C 15. 4 K 20. 5 K Brief Exercises 1. 1, 4 AP 4. 2 AP 6. 4 AP 8. 5 C 10. 6 AP 2. 2, 3 AP 5. 4 AP 7. 5 AP 9. 6 AP 11. 7* AP 3. 3 AP Exercises 1. 2 AP 4. 2, 3 AP 7. 4, 6 AP 9. 4, 6 AP 11. 5 AN 2. 2, 3 AP 5. 4 AP 8. 4, 6 AP 10. 5 AP 12. 7* AP 3. 2 AP 6. 4, 6 AP Problems: Set A 1. 2, 3, 4, 6 AP 3. 2, 3, 4 AP 5. 4 AP 7. 4, 5 AP 9. 5, 7* AP 2. 2, 3 AP 4. 4, 6 AP 6. 4 AP 8. 4, 5, 6 AN Problems: Set B 1. 2, 3, 4, 6 AP 3. 2, 3, 4 AP 5. 4 AP 7. 4, 5 AP 9. 5, 7* AP 2. 2, 3 AP 4. 4, 6 AP 6. 4 AP 8. 4, 5, 6 AN 5-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Journalize, post, prepare partial income statement, and calculate ratios. Simple 3040 2A Journalize purchase and sale transactions under a per- petual inventory system. Moderate 2030 3A Journalize, post, and prepare trial balance and partial income statement. Simple 3040 4A Prepare financial statements and calculate profitability ratios. Moderate 4050 5A Prepare a correct multiple-step income statement. Complex 2030 6A Journalize, post, and prepare adjusted trial balance and financial statements. Moderate 4050 7A Determine cost of goods sold and gross profit under peri- odic approach. Moderate 4050 8A Calculate missing amounts and assess profitability. Moderate 2030 *9A Journalize, post, and prepare trial balance and partial income statement using periodic approach. Simple 3040 1B Journalize, post, prepare partial income statement, and calculate ratios. Simple 3040 2B Journalize purchase and sale transactions under a per- petual inventory system. Moderate 2030 3B Journalize, post, and prepare trial balance and partial income statement. Simple 3040 4B Prepare financial statements and calculate profitability ratios. Moderate 4050 5B Prepare a correct multiple-step income statement. Complex 2030 6B Journalize, post, and prepare adjusted trial balance and financial statements....
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Ch5solutions - CHAPTER 5 Merchandising Operations and the...

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