The adjusted trial balance of Pacific Scientific Corporation on December 31, 201

Question

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2017, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2199; cost of goods sold, $1473; selling expenses, $217; general and administrative expenses, $184; interest expense, $69; and gain on sale of investments, $58. Income tax expense has not yet been accrued. The income tax rate is 40%. Determine the amount would appear in a multi-step income statement for net income (loss). Answer in dollars and cents ($ 0.00 ).

Explanation / Answer

Solution:

Pacific Scientfic Corporation Multistep Income Statement For year ended December 31, 2017 Particulars Amount (In Million) Sales revenue $2,199.00 Cost of goods sold $1,473.00 Gross Profit $726.00 Operating Expenses: Selling Expenses $217.00 General and administrative expenses $184.00 Total operating Expenses $401.00 Operating Income $325.00 Other Income: Gain on sale of investment $58.00 Other Expenses: Interest Expense $69.00 Income before taxes $314.00 Income tax expenses (40%) $125.60 Net Income $188.40

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