Problems 1-8: Set up skeletal profit-and-loss statements. In the Operating statements for Exercise 3.1, round dollar figures to the nearest dollar and show all percents correct to two decimal places
1. Net sales
Cost of merchandise sold
$7,200
Expenses
$5.900
$14.000
het sales,
2. Net sales
Cost of merchandise sold
Expenses
$187.000
$109,000
38.5%
3. Net sales
Cost of merchandise sold
Expenses
$242,000
$134,600
38%
4. Net sales
Cost of merchandise sold
Profit
$687,520
56.12%
4.08%
5. Net sales
Gross margin
Expenses
$79,800
44.6%
45.0%
6. The designer department had net sales of $300,000. There was 1% loss: gross margin was 49%.
7. Gross margin
Expenses
LOSS
$47,800
$49,150
(0.8%)
8. Gross margin
Expenses
Loss
$68,900
$69,500
(0.4%)