Fluent Essays

Please show work and answer the following questions · 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