The following data presented in income statement order were taken from the year-end records of Nomura Export
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Independent Cases Income Statement Items Case A Case $165,000 Gross sales revenue Sales returns and allowances S239,000 20,000 Net sales revenue Cost of goods sold Operating expenses Income tax expense (20%) Extraordinary gain (loss) (70%)? Gross proft (30%)? 18,600 Pretax income Income before extraordinary items (2,000) 10,000 Less: Income tax (20% of extraordinary item) Net income EPS (10,000 shares) $2.30
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