P5-3 (Algo) Understanding the Statement of Earnings Based on the Gross Profit Percentage LO5-2 The following data were taken from the year-end records of Nomura Export Company: Statement of Earnings Items Year 1 Sales revenue Cost of sales Gross profit Operating expenses Earnings before income taxes Income tax expense (20%) Net earnings Earnings per share (10,000 shares Outstanding) Statement of Earnings Items Sales revenue Cost of sales Gross profit Operating expenses Earnings before income taxes Income tax expense (20%) Net earnings Earnings per share (10000 shares) ? 68% ? 33,000 ? ? ? 4.40 Year 2 $ 234,000 88,000 33,000 55,000 11,000 44,000 4.40 Required: Fill in all of the missing amounts. (Round "Earnings per share" to 2 decimal places.) Year 1 Year 2 $ 275,000 $ 234,000 ? 30% ? 60,000 60,000 ? ? ?
P5-3 (Algo) Understanding the Statement of Earnings Based on the Gross Profit Percentage LO5-2 The following data were taken from the year-end records of Nomura Export Company: Statement of Earnings Items Year 1 Sales revenue Cost of sales Gross profit Operating expenses Earnings before income taxes Income tax expense (20%) Net earnings Earnings per share (10,000 shares Outstanding) Statement of Earnings Items Sales revenue Cost of sales Gross profit Operating expenses Earnings before income taxes Income tax expense (20%) Net earnings Earnings per share (10000 shares) ? 68% ? 33,000 ? ? ? 4.40 Year 2 $ 234,000 88,000 33,000 55,000 11,000 44,000 4.40 Required: Fill in all of the missing amounts. (Round "Earnings per share" to 2 decimal places.) Year 1 Year 2 $ 275,000 $ 234,000 ? 30% ? 60,000 60,000 ? ? ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:P5-3 (Algo) Understanding the Statement of Earnings Based on the Gross Profit Percentage LO5-2
The following data were taken from the year-end records of Nomura Export Company:
Statement of Earnings Items
Year 1
Sales revenue
Cost of sales
Gross profit
Operating expenses
Earnings before income taxes
Income tax expense (20%)
Net earnings
Earnings per share (10,000 shares
outstanding)
Statement of Earnings Items
Sales revenue
Cost of sales
Gross profit
Operating expenses
Earnings before income taxes
Income tax expense (20%)
Net earnings
Earnings per share (10000 shares)
33,000
?
?
?
4.40
?
68%
?
Year 1
$ 275,000
88,000
33,000
55,000
11,000
44,000
4.40
Year 2
$ 234,000
Required:
Fill in all of the missing amounts. (Round "Earnings per share" to 2 decimal places.)
Year 2
$ 234,000
?
30%
?
60,000
60,000
?
?
?
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