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Set up a skeletal profit and loss statement in both dollars and percentage if your year-end profit is $7800, The profit percentage is 3.9%, and your yearly cost of goods sold is $120,000

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jepessoa

Answer:

A skeletal profit and loss statement is basically a very condensed income statement that doesn't include many details, it only includes the essential elements:

Yearly revenue                      $200,000                        100%

Cost of goods sold               ($120,000)                         60%

Gross profit                              $80,000                          40%

Operating expenses              ($72,200)                         36.1%

Net profit                                    $7,800                           3.9%

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