intermediate accounting

Asked by lbrdlio
Dated: 14th Nov'17 11:04 AM
Bounty offered: $50.00

he 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, $2,150; cost of goods sold, $1,340; selling expenses, $165; general and administrative expenses, $155; interest expense, $30; and gain on sale of investments, $70. Income tax expense has not yet been recorded. The income tax rate is 30%.
 
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).)