Skeletal Profit And Loss Statement Problem
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Write My Essay For Me· Skeletal Profit and Loss Statement Problem
· Page 37-41: Questions: 34, 35, 38, 39, 42, 43, 44, 46, 47
· Final Profit and Loss Statement Problem
· Page 43-44: Questions: 50, 51
34) For Problems 34 and 35. Set up skeletal profit and loss statements in both dollars and percentages given the information in each problem.
Net sales $240,000
Costs of goods sold $100,000
Expenses $125,000
35) Net sales $1,290,000
Costs of goods sold $554,700
Expenses $104,000
38) Set up a skeletal profit loss statement in both dollars and percentage if your year-end profit is %7,800, the profit percentage is 3.9%, and your yearly cost of goods sold is $120,000.
39) Note the following figures:
Net profit 2.5%
Gross margin $7,000
Operating expenses $6,600
a) The cost of goods in dollars
b) The percentage of operating expenses
42) Calculate the percentage of operating expenses for a home furnishings department that has the following figures:
Gross sales $476,000
Customer returns $4,000
Advertising costs $10,000
Salaries $101,000
Miscellaneous expenses $ 6,160
Utilities $9,000
Insurance $11,000
Rent $70,000
43) Set up a skeletal statement that shows the following figures as dollars and as a percentage:
Net profit$ $5,500
Net profit $2.5%
Operating expenses 47.5%
44) Suppose that the estimated net sales for the coming year are $100,000, estimated cost of merchandise purchases is $52,000, and the total estimated operating expenses are $43,000. The buyer’s goal is a net profit of 5%. Determine the percentage of gross margin on sales needed to achieve this desired profit.
46) What is the profit or loss in dollars if gross sales are $218,000 customer returns and allowances are $3,000, cost of goods sold is 55%, and operating expenses are 41%
47) Complete a profit and loss statement for store C, given the following information
Net sales $1,300,000
Billed cost of merchandise $680,000
Cost discounts $10%
Shipping charges $10,4000
Salaries $260,000
Advertising $114,000
Page 43-44: Questions: 50, 51
50) Construct a profit and loss statement using the following departmental figures and show the dollar amounts for net sales, total cost of goods sold, gross margin, expenses, and profit.
Gross sales $82,000
Customer returns and allowances $4,000
Inward freight $2,000
Workroom costs $1,000
Opening inventory at cost $17,000
Closing inventory at cost $14,000
Purchases at cost $36,000
Cash discounts 8%
Advertising $5,000
Rent $12,000
Salaries $17,000
Misc. expenses $2,500
51) Construct a final profit and loss statement from the following figures and calculate the major factors as percentages and dollar amounts.
Opening inventory $74,200
Gross sales $248,000
Advertising $15,000
Misc. expenses $ 18,000
Purchases at cost $120,000
Closing Inventory $78,000
Customer returns $25,800
Salaries $26,000
Transportation charges $8,000
Rent $39,000
Cash discounts 3%
Part 1 [2 pts]: Starting this week, each of you is assigned to one topic from this week’s module. Here you can blend your imagination with your learning, put yourself in a fashion retail buying world and create a problem (question) for that topic. You can use questions given in practice problems, solved example videos as well as in your textbook as reference. Your question should be detailed and interesting for your audience (your peers).
Make an expanded Profit and loss statement question
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