Formulas for Skeletal Statements PDF

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Summary

Formulas to help you in exams .Take a print out of it and practice your questions....

Description

Formulas for Cost of Merchandise Sold and Skeletal Profit Statements (These will not be given on the exam) Cost of Merchandise Sold= Billed Cost + transportation + alteration or workroom charges -cash discounts Net Sales : Gross Sales – customer returns and allowances Customer returns %: Customer returns Gross Sales

X 100

Skeletal Profit and Loss Statement: Net Sales - Cost of Merchandise Sold Gross Margin - Expenses Net Profit For percentages- take each number and divide by net sales and then multiply by 100 Ie. Cost of merchandise sold % = Cost of Merchandise sold Net sales Customer returns formulas: Gross Sales = customer returns + net sales Net Sales= Gross sales – customer returns Customer returns= Gross sales – Net sales

X 100...