Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been
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Question:
Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 30%.
Plano Co. 12/31/18 | ||||
Partial Trial Balance Data | Debits | Credits | ||
Sales revenue | 805,000 | |||
Interest revenue | 67,000 | |||
Gain on sale of investments | 117,000 | |||
Cost of goods sold | 570,000 | |||
Selling expenses | 143,000 | |||
Restructuring costs | 40,000 | |||
Interest expense | 37,000 | |||
General and administrative expenses | 114,000 |
Required:
Prepare a multiple-step income statement with earnings per share disclosure. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.)
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
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