Understanding the Income Statement Based on the Gross Profit Percentage
The following data presented in income statement order were taken from the year-end records of Berugu Export Company. Fill in all of the missing amounts and show computations. (Hint: In Case B. start from the bottom.)
| Independent Cases |
|
Income Statement Items | Case A | Case A |
Gross sale s revenue | $259,000 | $165,000 |
Sales return s and allowances | 20,000 | ? |
Net sales revenue | ? | ? |
Cost of goods sold | ? | (70%)? |
Gross profit | (30%)? | ? |
Operating expenses | ? | 15,600 |
Pretax income | 22,000 | ? |
Income tax expense (20%) | ? | ? |
Income before extraordinary items | ? | ? |
Extraordinary gain (lo ss)
| (2,000) | (10,00) |
Less: Income tax (20%)of extraordinary item) | ? | ? |
Net income | ? | ? |
EPS (10 .000 shares) | ? | $2.54 |
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