Marina has a small store. Last month, she purchased merchandise costing ₱75, 000 for which she gained 10% of the cost price. She also paid ₱2,000 for interest on money she borrowed for her store. a. How much was her cost of sales? b. How much profit did she make?

Marina has a small store. Last month, she purchased merchandise costing ₱75, 000 for which she gained 10% of the cost price. She also paid ₱2,000 for interest on money she borrowed for her store. a. How much was her cost of sales? b. How much profit did she make?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Marina has a small store. Last month, she purchased merchandise costing ₱75, 000 for which she gained 10% of the cost price. She also paid ₱2,000 for interest on
money she borrowed for her store. a. How much was her cost of sales?

b. How much profit did she make?

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