Pacific Scientific Corporation's adjusted trial balance as of December 31, 2016, the end of the company's fiscal
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Question:
Pacific Scientific Corporation's adjusted trial balance as of December 31, 2016, the end of the company's fiscal year, contained the following income statement items ($ in millions):
sales revenue, $2,145;
cost of goods sold, $1,330;
selling expenses, $160;
general and administrative expenses, $150;
interest expense, $60; and
gain on sale of investments, $95.
The income tax expense has not yet been accrued. The income tax rate is 40%.
Prepare a multi-step income statement for 2016. Ignore the EPS disclosures.
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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