Question 1

Wolf Equipment uses a perpetual inventory method.Discuss how Wolf Equipment accounts for purchase returns and allowances.

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Question 2

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 3

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 4

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 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

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

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Question 7

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

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Question 8

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 9

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

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Question 10

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 11

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 12

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

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Question 13

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

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Question 14

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,what is the financing period? Show calculations.

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Question 15

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

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Question 16

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

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Question 17

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

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Quiz 6: Accounting for Merchandising Operations

Wolf Equipment uses a perpetual inventory method.Discuss how Wolf Equipment accounts for purchase returns and allowances.

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.

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

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

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.

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

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

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?

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

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

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

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

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

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,what is the financing period? Show calculations.

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

The following lettered items represent a classification scheme for a multistep income statement.In the blank next to each account,write the letter indicating to which category it belongs.

The following lettered items represent a classification scheme for a multistep income statement.In the blank next to each account,write the letter indicating to which category it belongs.