Skeletal Profit And Loss Statement Problem

Skeletal Profit And Loss Statement Problem

· 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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