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, $2348; cost of goods sold, $1279; selling expenses, $192; general and administrative expenses, $283; interest expense, $65; and gain on sale of investments, $68. Income tax expense has not yet been accrued. The income tax rate is 40%. Determine the amount would appear in a multi-step income statement for non-operating income (loss). Answer in dollars and cents ($ 0.00 ).

Explanation / Answer

Determine the amount would appear in a multi-step income statement for non-operating income (loss).

Sales 2348 Less: Cost of goods sold -1279 Gross profit 1069 Less: Operating expense selling expenses 192 general and administrative expenses 283 Total operating expense -475 Operating income 594 Other revenue and expense Gain on sale of investment 68 Interest expense -65 3 Income before tax 597 Income tax -238.80 Net income 358.20

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