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  • Jul 15, 2012, 09:42 PM
    brandy3806
    formula for percent
    The formula I use is not giving me the right answer.Can someone please help. I used cost of good sold percent=cost of goods/net sales. My book does not give any other formulas for figuring the percentages. Here is the problem. The blank spots are the percents I need.

    At the end of 2012 the following information is available for Chicago and St. Louis companies.
    Chicago St.Louis
    Sales 3,000,000 3,000
    Cost of Goods Sold 1,800,000 2,100
    Selling and Admin Expenses 960,000 780
    Total Assets 3,750,000 3,750
    Stockholders Equity 1,000,000 1,200

    Prepare common Income statements for each company:
    Chicago % St.Louis %
    Sales 3,000,000 100 3,000 100
    Cost of Goods Sold -1,800,000 -2,100
    Gross Margin 1,200,000 900
    Opperating Expense -960,000 -780
    Net Income 240,000 8 120 4

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