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

Question

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2016, 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 2016. Ignore EPS disclosures. (Enter your answers in millions (i.o., 10,000,000 should be entered as 10).) PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31, 2016 Revenues and gains Sales revenue 2,150 1,340 Cost of goods sold Total revenues and gains 3,490 penses and gains Selling expenses General and administrative expenses Gain on sale of investments Interest expense S1,340 165 70 155 Total expenses and gains 1,730 1,760 1.389 371 ncome before income taxes Income tax expense ncome

Explanation / Answer

PACIFIC SCIENTIFIC CORPORATION Income Statement For the year ended December 31, 2016 Revenues and gains Sales revenue $ 2,150 Gain on sale of investments $        70 Total revenues and gains $ 2,220 Expenses Cost of goods sold $ 1,340 Selling expense $     165 General and administrative expenses $     155 Interest expense $        30 Total expenses $ 1,690 Income before income tax $     530 Income tax expense ($530*30%) $     159 Net income $     371

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