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, $2332; cost of goods sold, $1387; selling expenses, $241; general and administrative expenses, $114; interest expense, $66; and gain on sale of investments, $45. 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 operating income (loss).  Answer in dollars and cents ($ 0.00 ).

Explanation / Answer

PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31 Amount $ Amount $ Sales Revenue 2332 Cost of goods sold 1387 Gross Profit 945 Operating expanses Selling expenses 241 General and administrative expenses 114 Total Operating expanses 355 Operating income 590 Other income (expense) Gain on sale of investments 45 Interest expense -66 Total other income, net -21 Income before income taxes 569 Income tax expense (569*40%) 227.6 Net income 341.4

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