TAILIEUCHUNG - Lecture Financial accounting: Tools for business decision making - Chapter 5: Merchandising operations and the multiple-step income statement

This chapter’s objectives are to: Describe merchandising operations and inventory systems, record purchases under a perpetual inventory system, record sales under a perpetual inventory system, prepare a multiple-step income statement and a comprehensive income statement. | Merchandising Operations and the Multiple-Step Income Statement Kimmel ● Weygandt ● Kieso Financial Accounting, Eighth Edition 5 CHAPTER OUTLINE Describe merchandising operations and inventory systems. 1 LEARNING OBJECTIVES Record purchases under a perpetual inventory system. 2 Record sales under a perpetual inventory system. 3 Prepare a multiple-step income statement and a comprehensive income statement. 4 Determine cost of goods sold under a periodic inventory system. 5 Compute and analyze gross profit rate and profit margin. 6 Merchandising Companies Buy and Sell Goods Wholesaler Consumer The primary source of revenues is referred to as sales revenue or sales. Retailer LEARNING OBJECTIVE Describe merchandising operations and inventory systems. 1 LO 1 Income Measurement Cost of goods sold is the total cost of merchandise sold during the period. Not used in a Service business. Net Income (Loss) Less Less Equals Equals Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses .

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• Financial accounting
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