CHAPTER 5 - CHAPTER 5 Merchandising Operations and the...

Info iconThis preview shows pages 1–4. 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 Merchandising Operations and the Multiple-Step Income Statement Study Objectives 1. Identify the differences between a service company 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. 7. Identify a quality of earnings indicator. *8. Explain the recording of purchases and sales of inventory under a periodic inventory system. Summary of Questions by Study Objectives and Blooms Taxonomy Ite m SO BT Ite m SO BT Item SO BT Ite m SO BT Ite m SO BT Questions 1. 1 C 7. 3 K 12. 4 AP 17. 4 K 22. 6 K 2. 1 C 8. 3 AP 13. 3 C 18. 2 K 23. 6 C 3. 1 C 9. 3 C 14. 4 C 19. 2 K 24. 6 AN 4. 1 C 10. 3 C 15. 4 K 20. 5 K 25. 7 C 5. 1 AP 11. 2 AP 16. 1 K 21. 5 K 26. 8* AP 6. 3 C Brief Exercises 1. 1, 4 AP 4. 2 AP 7. 5 AP 10. 6 AP 12. 7 C 2. 2, 3 AP 5. 4 AP 8. 5 AP 11. 6 AP 13. 8* AP 3. 3 AP 6. 4 AP 9. 5 C Do It! Review Exercises 1. 2 AP 2. 3 AP 3. 4 AP 4. 5 AP Exercises 1. 3 AP 4. 2, 3 AP 7. 4, 6 AP 10. 5 AP 12. 7 C 2. 2, 3 AP 5. 4 AP 8. 4, 6 AP 11. 5 AN 13. 8* AP 3. 2 AP 6. 4, 6 AP 9. 4, 6 AP Problems: Set A 1. 2, 3, 3. 2, 3, 5. 4 AP 7. 4, 5 AP 9. 5, 8* AP 4, 6 AP 4 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, 8* AP 2. 2, 3 AP 4. 4, 6 AP 6. 4 AP 8. 4, 5, 6 AN ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description 1A Journalize, post, prepare partial income statement, and calculate ratios. 2A Journalize purchase and sale transactions under a perpetual inventory system. 3A Journalize, post, and prepare trial balance and partial income statement. 4A Prepare financial statements and calculate profitability ratios. 5A Prepare a correct multiple-step income statement. 6A Journalize, post, and prepare adjusted trial balance and financial statements. 7A Determine cost of goods sold and gross profit under a periodic approach. 8A Calculate missing amounts and assess profitability. *9A Journalize, post, and prepare trial balance and partial income statement using a periodic approach. 1B Journalize, post, prepare partial income statement, and calculate ratios. 2B Journalize purchase and sale transactions under a perpetual inventory system. 3B Journalize, post, and prepare trial balance and partial income statement. 4B Prepare financial statements and calculate profitability ratios. 5B Prepare a correct multiple-step income statement. 6B Journalize, post, and prepare adjusted trial balance and financial statements....
View Full Document

Page1 / 55

CHAPTER 5 - CHAPTER 5 Merchandising Operations and the...

This preview shows document pages 1 - 4. Sign up to view the full document.

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