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Business A 654 CHAPTER 5 PART 11 CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS BRIEF EXERCISES BE 190 Presented here are the components in Bradley Company’s income statement. Determine the missing amounts. Sales Cost of Gross Operating Net Revenue Goods Sold _Profit Expenses Income $75,000 (a) $35,000 (b) $17,000 (c) $86,000 $59,000 $48,000 (d) BE 191 Prepare the necessary journal entries on the books of Kelly Car ...

Other / Other 27 Oct 2016

Business A 654 CHAPTER 5 PART 8 CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS 121. Which of the following is not a true statement about a multiple-step income statement? a. Operating expenses are similar for merchandising and service enterprises. b. There may be a section for nonoperating activities. c. There may be a section for operating assets. d. There is a section for cost of goods sold. 122. Which one of the following is ...

Other / Other 27 Oct 2016

Business A 654 CHAPTER 5 PART 5 CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS 61. A buyer would record a payment within the discount period under a perpetual inventory system by crediting a. Accounts Payable. b. Inventory. c. Purchase Discounts. d. Sales Discounts. 62. If a purchaser using a perpetual system agrees to freight terms of FOB shipping point, then the a. Inventory account will be increased. b. Inventory acco ...

Other / Other 27 Oct 2016

Business A 654 CHAPTER 5 PART 4 CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS MULTIPLE CHOICE QUESTIONS 43. Net income is gross profit less a. financing expenses. b. operating expenses. c. other expenses and losses. d. other expenses. 44. An enterprise which sells goods to customers is known as a a. proprietorship. b. corporation. c. retailer. d. service firm. 45. Which of the following would not be considered ...

Other / Other 27 Oct 2016

Business A 654 CHAPTER 5 PART 3 21. Inventory is classified as a current asset in a classified balance sheet. 22. Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. 24. In a multiple-step income statement, income fr ...

Other / Other 27 Oct 2016

Business A 654 CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS CHAPTER LEARNING OBJECTIVES 1. Identify the differences between service and merchandising companies 2. Explain the recording of purchases under a perpetual inventory system. 3. Explain the recording of sales revenues under a perpetual inventory system 4. Explain the steps in the accounting cycle for a merchandising company 5. Distinguish between a multiple-step and a sing ...

Other / Other 27 Oct 2016

Business A 654 CHAPTER 5 PART 2 TRUE-FALSE STATEMENTS 1. Retailers and wholesalers are both considered merchandisers. 2. The steps in the accounting cycle are different for a merchandising company than for a service company. 3. Sales minus operating expenses equals gross profit. 4. Under a perpetual inventory system, the cost of goods sold is determined each time a sale occurs. 5. A periodic inventory system requires ...

Other / Other 27 Oct 2016

MIS 505 PART 2 Chapter 3 Understanding Structure COMPLETION 1. A(n) ____________________ can contain any number of tasks, but there is no option to branch off and skip any of the tasks. 2. Some people call the selection structure a(n) ____________________ statement. 3. A group of statements that execute as a single unit is called a(n) ____________________. 4. When you nest structures, the statements that start and end a s ...

Other / Other 26 Oct 2016

MIS 505 PART 3 Chapter 3 Understanding Structure SHORT ANSWER 1. Why does spaghetti code have a shorter shelf life than structured code? 2. Define the term structure as it relates to programming. 3. Describe a loop structure. 4. Rewrite the following as a while loop: do pay bills while more bills remain to be paid ANS: pay bills while there are more bills to pay pay bills endwhile 5. All log ...

Other / Other 26 Oct 2016

MIS 505 PART 3 Chapter 1: An Overview of Computers and Progrmming COMPLETION 1. When instructions are carried out, a program runs, or ____________________. 2. The heart of the programming process lies in planning the program’s ____________________. 3. When you draw a flowchart, you use a parallelogram to represent a(n) ____________________, which indicates an input operation. 4. A preselected value that stops the ...

Other / Other 26 Oct 2016