Marina has a small store. Last month, she purchased merchandise costing ₱75, 000 for which she gained 10% of the cost price. She also paid ₱2,000 for interest on money she borrowed for her store. a. How much was her cost of sales? b. How much profit did she make?
Marina has a small store. Last month, she purchased merchandise costing ₱75, 000 for which she gained 10% of the cost price. She also paid ₱2,000 for interest on money she borrowed for her store. a. How much was her cost of sales? b. How much profit did she make?
Chapter6: Business Expenses
Section: Chapter Questions
Problem 89TPC
Related questions
Question
Marina has a small store. Last month, she purchased merchandise costing ₱75, 000 for which she gained 10% of the cost price. She also paid ₱2,000 for interest on
money she borrowed for her store. a. How much was her cost of sales?
b. How much profit did she make?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you