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P73 Understanding the Income Statement Based on the Gross Prot Percentage (APT3) Excel Template The following data were taken from the yearend records of Nomura

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P73 Understanding the Income Statement Based on the Gross Prot Percentage (APT3) Excel Template The following data were taken from the yearend records of Nomura Export Company. Income Statement Items Year 1 Year 2 Gross sales revenue $160,000$232,000 Sales returns and allowances ? 18,000 Net sales revenue ? '? Cost of sales 68% '7 Gross prot ? 30%

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