Profit and Loss Statement Problems Open excel and set up Skeletal P&L statements in both dollars and percentages for the following problems. All P&L statements should be on the SAME excel sheet. Save your document with your LAST NAME and download here: Number each statement and Round dollar values to the nearest dollar; show percents correct to two decimal places P&L statement #1:Net sales $396,480, Gross margin 48.50%, Expenses $176,434 P&L statement #2: Profit was $225,000, Profit percentage was 5.00% and the Cost of Goods Sold is $2,475000. P&L statement #3: Gross sales $387,360, Customer returns & allowances 8.60%, Gross margin 44.60%, Loss (1.20%)

Profit and Loss Statement Problems Open excel and set up Skeletal P&L statements in both dollars and percentages for the following problems. All P&L statements should be on the SAME excel sheet. Save your document with your LAST NAME and download here: Number each statement and Round dollar values to the nearest dollar; show percents correct to two decimal places P&L statement #1:Net sales $396,480, Gross margin 48.50%, Expenses $176,434 P&L statement #2: Profit was $225,000, Profit percentage was 5.00% and the Cost of Goods Sold is $2,475000. P&L statement #3: Gross sales $387,360, Customer returns & allowances 8.60%, Gross margin 44.60%, Loss (1.20%)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which product costs appear on the balance sheet?a. goods that are partially completed at end of periodb. goods that are unsold at end of periodc. goods of merchandising business onlyd. A and B are correct
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DONT GIVE ANSWER IN IMAGE FORMAT
Purchasing inventory on credit will result in the following changes to the business accounts: A.Increase one asset account and decrease another asset account B.decrease assets and decrease liabilities C.incease assets and decrease liabilities D.decrease assets amd decrease onwer's equity E.increase assets and increase onwer's equity
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