Refer to the situation described inBE 4-1. Prepare a multiple-step income statement for 2011. Ignore EPS disclosures.

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Refer to the situation described in BE 4-1. Prepare a multiple-step income statement for 2011. Ignore EPS disclosures.
In BE 4-1, The adjusted trial balance of Pacific Scientific Corporation on December 31, 2011, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,106; cost of goods sold, $1,240; selling expenses, $126; general and administrative expenses, $105; interest expense, $35; and gain on sale of investments, $45. Income tax` expense has not yet been accrued. The income tax rate is 40%. Prepare a single-step income statement for 2011. Ignore EPS disclosures.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Intermediate Accounting

ISBN: 978-0077400163

6th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson

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