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, $2269; cost of goods sold, $1435; selling expenses, $167; general and administrative expenses, $277; interest expense, $38; and gain on sale of investments, $76. 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 income(loss) before taxes.  Answer in dollars and cents ($ 0.00 ).

Explanation / Answer

PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31, 2016 Sales revenue 2269 Cost of goods sold 1435 Gross profit 834 Operating expenses Selling expenses -167 General and administrative expenses -277 -444 Operating Income 390 Other Income (expense) Gain on sale of investments 76 Interest expense -38 38 Income before income taxes 428 Income tax expense 171 Net Inncome 257

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