Chapter 3 Summary Problems Problems 1. Construct a skeletal profit-and-loss statement. Calculate profit or loss percent. Cross out the incorrect word (profit/loss). Net sales $561,800 Cost of merchandise sold 275,280 Expenses 253,936 2. Construct skeletal profit-and-loss statement. Calculate profit or loss percent. Cross out the incorrect word (profit/loss). Gross sales $341,420 Customer returns 29,870 Cost of merchandise sold 161,570 Expenses 138,140 3. Set up a skeletal profit-and-loss statement with the following figures: Net sales $1,560,800 Cost of merchandise sold 753,860 Profit 76,480 4. Set up a skeletal profit-and-loss statement with the following figures: Gross sales $136,780 Customer returns 12,960 Cost of merchandise sold 59,680 Expenses 57,403 5. Set up a skeletal profit-and-loss statement with the following figures: Cost of merchandise sold 51.30% Expenses $317,820 Profit 4.65% 6. Determine the figures necessary to complete a skeletal profit-and-loss statement with the following figures: Net sales $470,720 Gross margin 43.62% Loss 2.30% 7. Set up a skeletal profit-and-loss statement with the following figures: Gross margin $119,760 Expenses 41.20% Profit 2.60%