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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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SOLUTION TO EXERCISE 5-11

1. FOB destination 13. Multiple-step income statement
2. FOB shipping point 14. Single-step income statement
3. Sales revenue 15. Periodic inventory system
4. Net sales 16. Perpetual inventory system
5. Cost of goods sold 17. Sales discount
6. Gross profit 18. Sales invoice
7. Operating expenses 19. Purchase invoice
8. Gross profit rate 20. Purchase discount
9. Nonoperating activities 21. Contra revenue account
10. Other expenses and losses 22. Purchase allowance
11. Other revenues and gains 23. Purchase return
12. Income from operations 24. Sales returns and allowances

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