SolutionsManualtoaccompanyPrinciplesofAccounting2ndEditionbyJerryWeygandt,KerynChalmers,LorenaMitrioneMichelleFyfe,SusanaYuen,DonaldKieso,PaulKimmelChapter5AccountingformerchandisingoperationsJohnWiley&SonsAustralia,LtdCHAPTER5AccountingforRetailOperationsASSIGNMENTCLASSIFICATIONTABLELearningObjectivesQuestionsBriefExercisesExercisesProblems1.Identifythedifferencesbetweenaserviceentityandaretailentity.1,2,3,412.Explaintheentriesforpurchasesunderaperpetualinventorysystem.5,6,7,82,41,2,3,81A,2A,4A3.Explaintheentriesforsalesrevenuesunderaperpetualinventorysystem.9,10,112,3,5,92,3,4,5,81A,2A,4A4.Explainthestepsintheaccountingcycleforaretailbusiness.12,13,146,75,63A,4A,8A5.UnderstandthesingleandtwostatementpresentationsofastatementofcomprehensiveincomeasperIAS1includinganunderstandingofthedifferentclassificationsinthestatements.18,198,97,92A,3A,8A6.Explainthecalculationandimportanceofgrossprofit.15,16,17992A,5A,6A,8A7.Determinecostofsalesunderaperiodicinventorysystem.2010,1110,115A,6A,7A*8.Preparetheentriesforpurchasesandsalesunderaperiodicinventorysystem.211212,137A*9.Prepareaworksheetforaretailbusiness.2213148A*10.Understandthebasicprocessandmain23featuresoftheGST.*11.CompleteJournalentriestorecordGST.14,15159A*Note:AllasteriskedQuestions,ExercisesandProblemsrelatetomaterialcontainedintheappendicestothechapter.ASSIGNMENTCHARACTERISTICSTABLEProblemNumberDescriptionDifficultyLevelTimeAllotted(min.)1Journalisepurchaseandsalestransactionsunderaperpetualinventorysystem.Simple20-302Journalise,postandprepareapartialincomestatement.Simple30-403Preparefinancialstatementsandadjustingandclosingentries.Moderate40-504Journalise,postandprepareatrialbalance.Simple30-405Determinecostofsalesandgrossprofitunderperiodicapproach.Moderate40-506Calculatemissingamountsandassessprofitability.Moderate20-30*7Journalise,post,andpreparetrialbalanceandpartialincomestatementusingperiodicapproach.Simple30-40*8Completeaccountingcyclebeginningwithaworksheet.Moderate50-60*9JournaliseGSTtransactions.Moderate50-60BLOOM’STAXONOMYTABLECorrelationChartbetweenBloom’sTaxonomy,LearningObjectivesandEnd-of-ChapterExercisesandProblemsLearningObjectiveKnowledgeComprehensionApplicationAnalysisSynthesisEvaluation*1.Identifythedifferencesbetweenaserviceentityandaretailentity.Q5-2Q5-1Q5-3Q5-4BE5-1*2.Explaintheentriesforpurchasesunderaperpetualinventorysystem.Q5-5Q5-6Q5-7Q5-8BE5-2BE5-4E5-1E5-2E5-3P5-1P5-2P5-4E5-8*3.Explaintheentriesforsalesrevenuesunderaperpetualinventorysystem.Q5-10Q5-11BE5-2BE5-3BE5-5BE5-9E5-2E5-3E5-4E5-5P5-1P5-2P5-4Q5-9E5-8*4.Explainthestepsintheaccountingcycleforaretailbusiness.Q5-12Q5-14BE5-6Q5-13BE5-7E5-5E5-6P5-4P5-8P5-3*5.UnderstandthesingleandtwostatementpresentationsofastatementofcomprehensiveincomeasperIAS1includinganunderstandingofthedifferentclassificationsinthestatements.Q5-18Q5-19BE5-8BE5-9E5-7E5-9P5-2P5-8P5-3*6.Explainthecalculationandimportanceofgrossprofit.Q5-17Q5-15Q5-16BE5-9E5-9P5-2P5-5P5-8P5-6*7.Determinecostofsalesunderaperiodicsystem.Q5-20BE5-10BE5-11E5-10P5-5P5-7E5-11P5-6*8.Explaintheentriesforpurchasesunderaperiodicinventorysystem.Q5-21BE5-12E5-12E5-13P5-7*9.Prepareaworksheetforaretailbusiness.Q5-22BE5-13E5-14P5-8*10UnderstandthebasicprocessandmainfeaturesoftheGST.Q5-23*11CompletejournalentriestorecordGST.BE5-14BE5-15E5-15P5-9BroadeningYourPerspectiveCommunicationExploringtheWebIn...
