Set up a skeletal profit/loss statement showing all of the figures in dollars and percentages if: (5 points)

Net profit$5,000

Net profit2.5%

Operating expenses 47%

The linen department had net sales of $85,000. There was a 3% loss, and the gross margin was 46%. Set up a skeletal profit/loss statement showing all of the figures in dollars and percentages. (5 points)

This year for the Fall period, your entire department was estimated to produce a gross margin of $619,750 because the expenses were estimated at $562500. The projected net profit for the period was set at 4.0%. Set up a skeletal profit/loss statement showing all of the figures in dollars and percentages. (10 points)

Set up a final profit/loss statement showing all of the appropriate figures in dollars and percentages. (10 points)

Opening inventory at cost$70,000

Operating expenses180,000

Closing inventory at cost75,000

Net sales400,000

Inward freight6,000

Purchases at cost210,000

Express the gross margin in dollars and percentages. (10 points)

Gross Sales$285,000

Customer returns7,000

Billed cost of goods139,000

Inward freight5,000

Workroom charges3,000

Cash discounts6%

Set up a final profit/loss statement showing all of the appropriate figures in dollars and percentages. (20 points)

Gross sales$129,000

Closing inventory at cost29,000

Opening inventory at cost30,000

Miscellaneous expenses5,000

Customer returns6,000

Purchases at cost60,000

Rent and Utilities23,000

Payroll30,000

Transportation charges1,700

Cash discounts8%

Advertising6,000

Set up a final profit/loss statement showing all of the appropriate figures in dollars and percentages. (20 points)

Opening inventory at cost$ 74,200

Gross sales 250,000

Advertising15,000

Misc. expenses19,000

Purchases at cost 120,000

Closing inventory at cost79,000

Customer returns25,800

Salaries26,000

Transportation charges8,000

Rent39,000

Cash discounts3%

Set up a final profit/loss statement showing all of the appropriate figures in dollars and percentages. (20 points)

Gross sales$104,000

Customer returns4,000

Billed costs48,000

Inward freight9,000

Advertising7,000

Rent12,000

Alterations1,000

Salaries15,000

Miscellaneous Expenses5,000