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 3.

value:

10.00 points

The following data were taken from the year-end records of Nomura Export Company:

Required:

Fill in all of the missing amounts.

(Round "Earnings per share" to 2 decimal places.)

Answer is complete but not entirely correct.

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

0

179,000

Year 2

$

251,000

19,900

231,100

50%

89,500

19,900

69,600

13,920

55,680

2.59

150,150

35%

58,955

21,900

4,380

17,520

0.88

 

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