in complete sentences, explain the process in which this equation would be solved. “Mr Crenshaw can grade one set of papers in 1
1 answer:
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Answer:
Percentage of total net sales = 91.17%
The percentage of cost of merchandise sold = 44.11 %
Percentage of First year expenses = 41.17 %
Percentage of Overall profit = 5.88 %
Step-by-step explanation:
Given:
Gross sales= $204,000
Customer returns and allowances = $18,000
Cost of the merchandise they sold = $90,000
overall profit before taxes = $12,000
Now,
The Net sales = Gross sales - sales returns
or
The net sales = $204,000 - $18,000 = $186,000
Thus,
Percentage of total net sales =
or
Percentage of total net sales =
or
Percentage of total net sales = 91.17%
Now,
The percentage of cost of merchandise sold =
or
The percentage of cost of merchandise sold =
or
The percentage of cost of merchandise sold = 44.11 %
And,
Percentage of First year expenses =
or
Percentage of First year expenses =
or
Percentage of First year expenses = 41.17 %
also,
Percentage of Overall profit =
or
Percentage of Overall profit =
or
Percentage of Overall profit = 5.88 %