Voltage drop calculations are conceptually simple, but one can quickly get lost in the details. Generally we make approximations to keep things simple.
Voltage drop is what we call the voltage 'lost' in the supply elements, differentiated from the voltage 'dropped' across the load. But it is all the same thing: when current flows through something, some amount of voltage is needed to push that current through the device.
For the simplest resistive voltage drop, you simply have to remember that your supply wires are actually very low value resistors in series with your load. All of the current passes from the source, through one supply wire, through your load, and through another supply wire. To calculate 'voltage drop' you first determine the load current, next determine the supply wire resistance, multiply current * resistance, and get the voltage lost in the supply wires.
With transformers it is conceptually the same, but rendered more complex because the transformer has reactive impedance. Now you have to consider not only the voltage drop, but also the phase angle of that voltage drop. It is still simply Ohm's law, but generalized because instead of resistance you need 'impedance'.
Each transformer can be considered a _perfect_ transformer in series with a bit of resistance and a bit of inductive impedance. The perfect (or 'ideal') transformer trades voltage for current by the transformer ratio, with no voltage drop at all. Then the series impedance adds the realistic voltage drop. If you knew the transformer resistance and inductive impedance, you can simply incorporate it into your voltage drop equations, alongside the resistance (and inductance) of the supply wires.
Unfortunately transformer specifications don't do the simple thing and state the resistance and inductance. Instead the transformer will have its '% impedance' which is the total resistance and inductive reactance, but expressed as a % voltage drop at full load. A transformer with a 480V secondary and 5% impedance will have 24V voltage drop at full load. Before you way 'whoah that is a huge voltage drop', remember that % impedance includes both the _inductance_ and the _resistance_ of the transformer. Most of the % impedance is reactive, meaning that it is causing the voltage phase angle to shift but the magnitude doesn't actually drop.
To correctly calculate the voltage drop of cascaded transformers, the simplest approach is to draw a schematic where each transformer is replaced by an 'equivalent' resistance and inductance, and then calculate the voltage drop of this equivalent circuit.
-Jon