Chapter_5_Student

Chapter_5_Student

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Unformatted text preview: e e x pe ns e 12 ,0 0 0 S ale s 3 5 0 ,0 0 0 Required: $ 2 0 ,0 0 0 (a) Prepare the necessary adjusting entry for inventory. (b) Prepare the necessary closing entries. Chapter 5-28 SO 4 Explain the steps in the accounting cycle for a merchandising company. Completing the Accounting Cycle Completing the Accounting Cycle E5-8 (a) Prepare the necessary adjusting entry for inventory. End ing inve nt o r y pe r b o o k s $ 2 1,6 0 0 End ing inve nt o r y pe r c o unt 2 1,0 0 0 O ve r s t at e m e nt o f inve nt o r y $ 6 0 0 Chapter 5-29 SO 4 Explain the steps in the accounting cycle for a merchandising company. Completing the Accounting Cycle Completing the Accounting Cycle E5-8 (b) Prepare the necessary closing entries. Chapter 5-30 SO 4 Explain the steps in the accounting cycle for a merchandising company. Forms of Financial Statements Forms of Financial Statements SingleStep Illustration 5­12 Subtract all revenues from expenses Chapter 5-31 SO 5 Distinguish between a multiple-step and a single-step income statement. Forms of Financial Statements Forms of Financial Statements Multiple-Step Income Statement Shows several steps in determining net income. Two steps relate to principal operating activities. Distinguishes between operating and non-operating activities. Chapter 5-32 SO 5 Distinguish between a multiple-step and a single-step income statement. Forms of Forms of Forms Forms Financial Financial Statements Statements Statements Statements Illustration 5­11 Key Items: Net sales Gross profit Gross profit rate Chapter 5-33 Illustration 5­8 SO 5 Distinguish between a multiple-step and a single-step income statement. SO 6 Explain the computation and importance of gross profit. Forms of Forms of Forms Forms Financial Financial Statements Statements Statements Statements Illustration 5­11 Key Items: Net sales Gross profit Gross profit rate Operating expenses Chapter 5-34 SO 5 Distinguish between a multiple-step and a single-step income statement. Forms of Forms of Forms Forms Financial Financial Statements Statements Statements Statements Illustration 5­11 Key Items: Net sales Gross profit Gross profit rate Operating expenses Nonoperating activities Net income Chapter 5-35 SO 5 Distinguish between a multiple-step and a single-step income statement. Forms of Financial Statements Forms of Financial Statements Classified Balance Sheet Illustration 5­13 Chapter 5-36 SO 5 Distinguish between a multiple-step and a single-step income statement....
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This note was uploaded on 10/21/2013 for the course ISDS 2000 taught by Professor Nunnery during the Fall '08 term at LSU.

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