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

Question

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2018, 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 Income tax expense has not yet been recorded. The income tax rate is 40%. Prepare a single-step income statement for 2018. Ignore EPS disclosures. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31, 2018

Explanation / Answer

Single step income statement :

Revenue Sales 2145 Gain on sale of investment 95 Total revenue 2240 Expenses Cost of goods sold (1330) Selling expense (160) General and administrative expense (150) Interest expenses (60) Total expense (1700) Income before tax 540 Income tax (216) Net income 324

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