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FinMan10e_BTest_ch05 - 10th Edition FINANCIAL MANAGERIAL...

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10th Edition FINANCIAL & MANAGERIAL ACCOUNTING CORPORATE FINANCIAL ACCOUNTING Warren/Reeve/Duchac Chapter Test 5B Score % Name Course Section NOTE: Each of the 40 correct answers is assigned a weight of 2½%. PROBLEM 1—FINANCIAL STATEMENTS—37½% B
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TEST 5B (Concluded) INSTRUCTIONS: Indicate the placement on financial statements of the items listed below by inserting the appropriate letter or letters in the Answers column. Assume the use of the multiple-step income statement and the perpetual inventory system. STATEMENTS Income Statement G. Retained Earnings Statement Balance Sheet A. Administrative expenses H. Current assets B. Cost of merchandise sold I. Current liabilities C. Other expense J. Long-term liabilities D. Other income K. Stockholders’ equity E. Revenue from sales L. Property, plant, and equipment F. Selling expenses
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For Scoring ITEMS APPEARING ON STATEMENTS Answers 0. Accounts payable ....................................................................................... I 0. ____ 1. Merchandise inventory at end of period .................................................... 1. ____ 2. Gain on sale of fixed assets ....................................................................... 2. ____ 3. Cost of merchandise sold .......................................................................... 3. ____ 4.
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