AC-101 V8 Solutions Chapter 5 ch05[1]

# AC-101 V8 Solutions Chapter 5 ch05[1] - CHAPTER 5...

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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 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 periodic approach. Moderate 40–50 6A Calculate missing amounts and assess profitability. Moderate 20–30 *7A Journalize, post, and prepare trial balance and partial income statement using periodic approach. Simple 30–40 *8A Complete accounting cycle beginning with a worksheet. 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 periodic approach. Moderate 40–50 6B Calculate missing amounts and assess profitability. Moderate 20–30 *7B Journalize, post, and prepare trial balance and partial income statement using periodic approach. Simple 30–40 5-2 BLOOM’S 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....
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AC-101 V8 Solutions Chapter 5 ch05[1] - CHAPTER 5...

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