Question 1

Assuming the use of the periodic inventory system,use the data below to calculate the net cost of purchases and the cost of goods available for sale for the year ended December 31,20x5.

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Question 2

Whalen Mining,a U.S company,purchases products from a British company for £1,000,000.Between the dates of purchase and payment,the exchange value of the pound decreased from $2.00 to $1.90.Compute Whalen Mining's exchange gain or loss.Where would the gain or loss be reported?

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Question 3

Assuming the use of the periodic inventory system,use the data below to calculate the net cost of purchases and the cost of goods available for sale for the year ended December 31,20x5.

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Question 4

What is the financing period for a company that takes an average of 50 days to sell inventory,takes an average of 110 days to collect for its sales,and has payment terms of 45 days on its purchases? Show calculations.

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Question 5

Compute the dollar amount of each item indicated by a letter in the following table.Treat each horizontal row of numbers as a separate problem.

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Question 6

Given the following information,prepare in good form the cost of goods sold section of an income statement for 20x5.

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Question 7

From the following data,calculate the amount of gross margin and gross purchases.

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Question 8

Using the following information,calculate for 20x5 (a)net sales, (b)cost of goods sold, (c)gross margin,and (d)net income.

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Question 9

Distinguish between the cost of goods available for sale and the cost of goods sold.

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Question 10

Compute the dollar amount of the items indicated by letters a through f in the table below.

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Question 11

What is the financing period? Is a longer or shorter financing period most desirable?

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Question 12

Wolf Equipment uses a perpetual inventory method.Discuss how Wolf Equipment accounts for freight-in and freight-out.

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Question 13

Describe how to compute the cost of goods available for sale.

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Question 14

Using the following information,calculate for 20x5 (a)net sales, (b)cost of goods sold, (c)gross margin,and (d)net income.

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Question 15

Using the following information,calculate for 20x5 (a)net sales, (b)beginning merchandise inventory, (c)gross margin,and (d)net income.

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Question 16

Match between columns
                        Premises: Freight-Out Expense
Accumulated Depreciation
Utilities Expense for Store
Company President's Salary
Interest Income
Inventories
Interest Expense
Office Salaries Expense for Headquarters
Interest Receivable
Sales Returns and Allowances

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Question 17

Match between columns
                        Premises: Personnel Expense
Sales Discounts
Interest Income
Prepaid Rent
Dividend Income
Rent Expense (for main office)
Advertising Expense
Depreciation Expense (for delivery truck)
Cash
Unearned Revenue

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Quiz 5: Accounting for Merchandising Operations

Assuming the use of the periodic inventory system,use the data below to calculate the net cost of purchases and the cost of goods available for sale for the year ended December 31,20x5.

Whalen Mining,a U.S company,purchases products from a British company for £1,000,000.Between the dates of purchase and payment,the exchange value of the pound decreased from $2.00 to $1.90.Compute Whalen Mining's exchange gain or loss.Where would the gain or loss be reported?

Assuming the use of the periodic inventory system,use the data below to calculate the net cost of purchases and the cost of goods available for sale for the year ended December 31,20x5.

What is the financing period for a company that takes an average of 50 days to sell inventory,takes an average of 110 days to collect for its sales,and has payment terms of 45 days on its purchases? Show calculations.

Compute the dollar amount of each item indicated by a letter in the following table.Treat each horizontal row of numbers as a separate problem.

Given the following information,prepare in good form the cost of goods sold section of an income statement for 20x5.

From the following data,calculate the amount of gross margin and gross purchases.

Using the following information,calculate for 20x5 (a)net sales, (b)cost of goods sold, (c)gross margin,and (d)net income.

Distinguish between the cost of goods available for sale and the cost of goods sold.

Compute the dollar amount of the items indicated by letters a through f in the table below.

What is the financing period? Is a longer or shorter financing period most desirable?

Wolf Equipment uses a perpetual inventory method.Discuss how Wolf Equipment accounts for freight-in and freight-out.

Describe how to compute the cost of goods available for sale.

Using the following information,calculate for 20x5 (a)net sales, (b)cost of goods sold, (c)gross margin,and (d)net income.

Using the following information,calculate for 20x5 (a)net sales, (b)beginning merchandise inventory, (c)gross margin,and (d)net income.

The following items represent a classification scheme for a multistep income statement.write the letter for each account to indicate to which category it belongs.

The following items represent a classification scheme for a multistep income statement. write the letter for each account to indicate to which category it belongs.