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.

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Independent Cases Income Statement Items Case A Case B Gross sales revenue $259,000 $165.000 Sales returns and allowances 20,000 Net sales revenue ? Cost of goods sold (70%)? Gross profit Operating expenses (30%)? 15,600 Pretax income 22,000 Income tax expense (20%) Income before extraordinary items Extraordinary gain (loss) Less: Income tax (20% of (2,000) 10,000 extraordinary item) Net income EPS (10,000 shares) $2.54