Question: The adjusted trial balance of Pacific Scientific Corporation on
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.
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