For the answers to this question, round dollar figures to the nearest dollar and show all...
For the answers to this question, round dollar figures to the nearest dollar and show all percents to two decimal points. Set up a skeletal profit-and-loss statement given the following data: Gross Sales $650,000 Gross Margin $270,000 Customer Returns 9.2% Expenses 42%
Homework Answers
Solution:
| Profit and loss Statement | ||
| Amount | % | |
| Net Sales | $ 590,200 | 100.00% |
| Less: Cost of Goods Sold | $ 320,200 | 54.25% |
| Gross Margin | $ 270,000 | 45.75% |
| Less: Expenses | $ 247,884 | 42.00% |
| Profit or [loss] | $ 22,116 | 3.75% |
Net sales =Gross Sales - Customer Returns = 650000 - [650000*9.2%] = 590200
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