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

Question

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2013, the end of the company’s fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,200; cost of goods sold, $1,440; selling expenses, $215; general and administrative expenses, $205; interest expense, $45; and gain on sale of investments, $85. Income tax expense has not yet been accrued. The income tax rate is 35%. Prepare a single-step income statement for 2013. Ignore EPS disclosures. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Explanation / Answer

Pacific Scientific Corporation Income Statement For the eyar ending December 31, 2013 Particulars Amount Amount Revenues Sales Revenue 2200 Gain on Sale of Investment 85 2285 Less Expenses : Cost of Goods Sold 1440 Sellig expenses 215 General & Administrative expenses 205 Interest Expenses 45 1905 Income before Income tax 380 Less Income Tax Income Tax (35% X 380) 133 Net Income 247

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