ch05 - CHAPTER 5 Accounting for Merchandising Operations...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: CHAPTER 5 Accounting for Merchandising Operations ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems * 1. Identify the differences between service and merchandising companies. 2, 3, 4 1 1 * 2. Explain the recording of purchases under a perpetual inventory system. 5, 6, 7, 8 2, 4 2, 3, 4, 10 1A, 2A, 4A 1B, 2B, 4B * 3. Explain the recording of sales revenues under a perpetual inventory system. 9, 10, 11 2, 3 3, 4, 5, 10 1A, 2A, 4A 1B, 2B, 4B * 4. Explain the steps in the accounting cycle for a merchandising company. 1, 12, 13, 14 5, 6 6, 7, 8 3A, 4A, 8A 3B, 4B, 8B * 5. Distinguish between a multiple-step and a single- step income statement. 18, 19, 20 7, 8, 9 6, 9, 11, 12 2A, 3A, 8A 2B, 3B, 8B * 6. Explain the computation and importance of gross profit. 15, 16, 17 9, 11 11, 12 2A, 5A, 6A, 8A 2B, 5B, 6B, 8B 7. Determine cost of goods sold under a periodic system. 21 10, 11 13, 14, 15 5A, 6A, 7A 5B, 6B, 7B *8. Explain the recording of purchases and sales under a periodic inventory system. 22 12 16, 17 7A 7B *9. Prepare a worksheet for a merchandising company. 23 13 18, 19 8A * Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendices to the chapter. 5-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Journalize purchase and sales transactions under a perpetual inventory system. Simple 2030 2A Journalize, post, and prepare a partial income statement. Simple 3040 3A Prepare financial statements and adjusting and closing entries. Moderate 4050 4A Journalize, post, and prepare a trial balance. Simple 3040 5A Determine cost of goods sold and gross profit under periodic approach. Moderate 4050 6A Calculate missing amounts and assess profitability. Moderate 2030 *7A Journalize, post, and prepare trial balance and partial income statement using periodic approach. Simple 3040 *8A Complete accounting cycle beginning with a worksheet. Moderate 5060 1B Journalize purchase and sales transactions under a perpetual inventory system. Simple 2030 2B Journalize, post, and prepare a partial income statement. Simple 3040 3B Prepare financial statements and adjusting and closing entries. Moderate 4050 4B Journalize, post, and prepare a trial balance. Simple 3040 5B Determine cost of goods sold and gross profit under periodic approach. Moderate 4050 6B Calculate missing amounts and assess profitability. Moderate 2030 *7B Journalize, post, and prepare trial balance and partial income statement using periodic approach. Simple 3040 5-2 BLOOMS TAXONOMY TABLE 5-3 ANSWERS TO QUESTIONS 1. (a) Disagree. The steps in the accounting cycle are the same for both a merchandising company and a service company....
View Full Document

Page1 / 80

ch05 - CHAPTER 5 Accounting for Merchandising Operations...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online