The document outlines a 5-step method for solving word problems algebraically: 1) Read the problem carefully and identify given information, 2) Identify the unknown information and give it a variable name, 3) Write an open sentence representing the relationships between numbers, 4) Solve the open sentence, and 5) Check the results and answer with the correct units. It then provides an example problem about making and selling dog collars to determine the price per collar needed to make a $100 profit after spending $75 on materials.