Required: Fill in all of the missing amounts. (Round "Earnings per share" to 2 decimal places.) Statement of Earnings Items Gross sales revenue Sales returns and allowances Net sales revenue Cost of sales Gross profit Operating expenses Earnings before income taxes Income tax expense (20%) Net earnings Earnings per share (20,000 shares outstanding) $ Year 1 179,000 9,700 169,300 50% 84,650 19,900 64,750 12,950 51,800 2.59 $ Year 2 251,000 19,900 231,100 35% 58,985 21,900 4,380 17,520 0.88
Required: Fill in all of the missing amounts. (Round "Earnings per share" to 2 decimal places.) Statement of Earnings Items Gross sales revenue Sales returns and allowances Net sales revenue Cost of sales Gross profit Operating expenses Earnings before income taxes Income tax expense (20%) Net earnings Earnings per share (20,000 shares outstanding) $ Year 1 179,000 9,700 169,300 50% 84,650 19,900 64,750 12,950 51,800 2.59 $ Year 2 251,000 19,900 231,100 35% 58,985 21,900 4,380 17,520 0.88
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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find the missing value
Transcribed Image Text:Required:
Fill in all of the missing amounts. (Round "Earnings per share" to 2 decimal places.)
Statement of Earnings Items
Gross sales revenue
Sales returns and allowances
Net sales revenue
Cost of sales
Gross profit
Operating expenses
Earnings before income taxes
Income tax expense (20%)
Net earnings
Earnings per share (20,000 shares outstanding)
$
Year 1
179,000
9,700
169,300
50%
84,650
19,900
64,750
12,950
51,800
2.59
$
Year 2
251,000
19,900
231,100
35%
58,985
21,900
4,380
17,520
0.88
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