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3asolutions5 - 5-1 CHAPTER 5 Merchandising Operations and...

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Unformatted text preview: 5-1 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 Bloom’s 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 3.3APExercises 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 5-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Journalize, post, prepare partial income statement, and calculate ratios. Simple 30–40 2A Journalize purchase and sale transactions under a per-petual inventory system. Moderate 20–30 3A Journalize, post, and prepare trial balance and partial income statement. Simple 30–40 4A Prepare financial statements and calculate profitability ratios. Moderate 40–50 5A Prepare a correct multiple-step income statement. Complex 20–30 6A Journalize, post, and prepare adjusted trial balance and financial statements. Moderate 40–50 7A Determine cost of goods sold and gross profit under peri-odic approach. Moderate 40–50 8A Calculate missing amounts and assess profitability. Moderate 20–30 *9A Journalize, post, and prepare trial balance and partial income statement using periodic approach. Simple 30–40 1B Journalize, post, prepare partial income statement, and calculate ratios. Simple 30–40 2B Journalize purchase and sale transactions under a per-petual inventory system. Moderate 20–30 3B Journalize, post, and prepare trial balance and partial income statement. Simple 30–40 4B Prepare financial statements and calculate profitability ratios. Moderate 40–50 5B Prepare a correct multiple-step income statement. Complex 20–30 6B Journalize, post, and prepare adjusted trial balance and financial statements....
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This note was uploaded on 06/09/2009 for the course ECON 3A taught by Professor Loster during the Winter '07 term at UCSB.

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3asolutions5 - 5-1 CHAPTER 5 Merchandising Operations and...

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