250,000 30,000 220,000 INCOME STATEMENT Gross Sales Less: Vendor Returns Net Sales Less Cost of Goods Sold Inventory (B) 40,000 Gross Purchases 120,000 Less:Discounts/Allowances 5,000 Net Purchases 115,000 Freight In 2.000 Total Goods Available for Sale 157.000 Less: Inventory (E) 37.000 Total Cost of Goods Sold Gross Margin Less: Expenses Salaries (F) 30,000 Advertising (F) 3,300 120,000 100,000 Question Completion Status: 123) 37,000 120,000 100,000 Less: Inventory (C) Total Cost of Goods Sold Gross Margin Less: Expenses Salaries (F) 30,000 Advertising (F) 3,300 Supplies (V) 1,100 Sales Commissions (V) 20,000 Shipping (V) 1,000 Rent (F) 12,000 Insurance (F) 3,000 Depreciation (F) 5,500 Maintenance (F) 3,400 Other (F) 1,700 Total Expenses Net Profit (BT) 81,000 19,000 BALANCE SHEET Current Liabilities Current Assets Glick Sauerland Submit to save and submit. Click Save Al Answers to save alt 2 Save A * Question Completion Status: 12|3 13,300 37,000 1,100 Current Assets Cash Inventory (2) Acct. Rec Fixed Assets Property/Bldg Fixtures Equipment BALANCE SHEET Current Liabilities Payroll Expense Payable 4,000 51,400 Taxes Payable 9,000 Short Term Loan 22.100 35,100 L.T. Liabilities Mortgage 77,700 178,400 L.T. Loan 4,500 $2,200 Total Liabilities 117,300 167,000 9,700 1,700 Stockholder's Equity 229,800 Total Liab & Equity Total Assets 112,500 229,800 A review of industry performance statistics indicate that its percentages of sales figures divide as follows: Vendor Returns and Allowances, 4% of Gross Sales: Net Sales, 100.0%: Inventory (B), 18.0%: Gross Purchases, 55.0%, Discounts and Allowances Click Save and Submit to save and submit. Click Save Ad Answers to save all answel Save An Answer Question Completion Status: 1 2 3 A review of industry performance statistics indicate that its percentages of sales figures divide as follows: Vendor Returns and Allowances, 4% of Gross Sales; Net Sales, 100.0%; Inventory (B), 18.0%; Gross Purchases, 55.0%; Discounts and Allowances, 5.0%, Net Purchases 49.0%, Freight-In, 1.0%; Total Goods Available, 68.0%; Inventory (E), 17.0%; Total Cost of Goods Sold, 52.0%; Gross Margin, 48.0%; Salaries, 10.0%, Advertising, 1.5%; Supplies, 0.5%; Sales Commissions, 9.0%, Shipping, 0.4%, Rent, 5.0%, Insurance 1.5%, Depreciation, 3.0%, Maintenance, 1.3%, Other Expenses, 0.7%, Total Expenses, 32.0% and Net Profit (BT), 16.0%. Retail space is 80.0% of total building's 10,000 square feet. Question 1. (5Pts) Judging from your assessment of your marketing performance above, the following area represents a problem requiring your management: A. Cost of Goods Sold B. Rent Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers oie w 123 space is 80.0% of total building's 10,000 square feet. Question 1. (5Pts) Judging from your assessment of your marketing performance above, the following area represents a problem requiring your management: A. Cost of Goods Sold B. Rent C. Sales Commissions 0. Salaries E. Inventory (B) QUESTION 2 Click Save and Submit to save and submit. Click Save All An: e all ansuers. Save All Ans Question Completion Status: 1 2 3 Question 2: (5Pts) Which is the appropriate marketing policy or tactic given the problem cited in question #1 above. A. Cost of Goods Sold can be reduced by cutting gross purchases of merchandise B. Salaries can be reduced by not replacing a temporary bookkeeper Take markdowns to reduce the beginning inventory immediately. Rent expense can be reduced by renegotiating a base rent per square foot plus a percentage of net profit Sales commissions which are based on straight commission should be reduced by using a salary plus commission compensation plan Save All Answer Click Save and Submit to save and submit. Click Save All Answers to save all answers. PAP TILLURE Question Completion Status: 1 2 3 Question 3: .(5 Pts) What is the manufacturer's cost of production? Retail price, $20.00; Retailers gross margin, 60.0%; Wholesaler's margin, 10.0%; Client's finder's fee (5.0% of Manufacturer's price; and the manufacturer's profit margin, 25.0%? A $3.72 B. $5.13 C. $5.40 D. $0.86 E. $3.75 Save a Chek Save and Submit to save and submit Click Save ALIASIS to save and anstwerts