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chapter_05

# chapter_05 - CHAPTER 5 Accounting for Merchandising...

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5-1 CHAPTER 5 Accounting for Merchandising Operations ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems * 1. Identify the differences between a service enter- prise and a merchan- diser. 1, 2, 3, 4 1 * 2. Explain the entries for purchases under a per- petual inventory system. 5, 6, 7, 8 2, 4 1, 2, 3, 8 1A, 2A, 4A 1B, 2B, 4B * 3. Explain the entries for sales revenues under a perpetual inventory sys- tem. 9, 10, 11 2, 3, 5, 9 2, 3, 4, 5, 8 1A, 2A, 4A 1B, 2B, 4B * 4. Explain the steps in the accounting cycle for a merchandiser. 12, 13, 14 6, 7 5, 6 3A, 4A, 8A 3B, 4B, 8B * 5. Distinguish between a multiple-step and a sin- gle-step income state- ment. 18, 19, 20 8, 9 7, 9 2A, 3A, 8A 2B, 3B, 8B * 6. Explain the computation and importance of gross profit. 15, 16, 17 9 9 2A, 5A, 6A, 8A 2B, 5B, 6B, 8B 7. Determine cost of goods sold under a periodic in- ventory system. 21 10, 11 10, 11 5A, 6A, 7A 5B, 6B, 7B *8. Prepare the entries for purchases and sales un- der a periodic inventory system. 22 12 12, 13 7A 7B *9. Prepare a work sheet for a merchandiser. 23 13 14 8A 8B * Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendices * to the chapter.

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5-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Journalize purchase and sales transactions under a perpetual inventory system. Simple 20-30 2A Journalize, post, and prepare a partial income statement. Simple 30-40 3A Prepare financial statements and adjusting and closing entries. Moderate 40-50 4A Journalize, post, and prepare a trial balance. Simple 30-40 5A Determine cost of goods sold and gross profit under peri- odic approach. Moderate 40-50 6A Calculate missing amounts and assess profitability. Moderate 20-30 *7A Journalize, post, and prepare trial balance and partial in- come statement using periodic approach. Simple 30-40 *8A * Complete accounting cycle beginning with a work sheet. Moderate 50-60 1B Journalize purchase and sales transactions under a perpetual inventory system. Simple 20-30 2B Journalize, post, and prepare a partial income statement. Simple 30-40 3B Prepare financial statements and adjusting and closing entries. Moderate 40-50 4B Journalize, post, and prepare a trial balance. Simple 30-40 5B Determine cost of goods sold and gross profit under peri- odic approach. Moderate 40-50 6B Calculate missing amounts and assess profitability. Moderate 20-30 *7B Journalize, post, and prepare trial balance and partial in- come statement using periodic approach. Simple 30-40 *8B * Complete accounting cycle beginning with a work sheet. Moderate 50-60
BLOOM'S TAXONOMY TABLE 5-3 Correlation Chart between Bloom’s Taxonomy, Study Objectives and End-of-Chapter Exercises and Problems Study Objective Knowledge Comprehension Application Analysis Synthesis Evaluation * 1.

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