Question

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.



$1.99
Sales6
Views872
Comments0
  • CreatedJune 24, 2013
  • Files Included
Post your question
5000