Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the adjusted trial balance of pacific scientific c

The adjusted trial balance of Pacific Scientific Corporation onDecember 31, 2017, the end of...

Free

60.1K

Verified Solution

Question

Accounting

The adjusted trial balance of Pacific Scientific Corporation onDecember 31, 2017, the end of the company's fiscal year, containedthe following income statement items ($ in millions): salesrevenue, $2284; cost of goods sold, $1328; selling expenses, $160;general and administrative expenses, $299; interest expense, $60;and gain on sale of investments, $68. Income tax expense has notyet been accrued. The income tax rate is 40%. Determine the amountwould appear in a multi-step income statement for net income(loss). Answer in dollars and cents ($ 0.00 ).

Answer & Explanation Solved by verified expert
4.3 Ratings (861 Votes)

Pacific Scientific Corporation
Income Statement
Period ending December 31, 2017
$ in millions $ in millions
Sales             2,284
Less: Cost of goods sold            (1,328)
Gross income                     956
Less: Operating expenses
Selling expenses                 160
General and administrative expenses                 299
Total operating expenses                   (459)
Net income before interest and tax                     497
Less: Interest expenses                     (60)
Income after interest before tax                     437
Add: Other income;
Gain on sale of investment                       68
Income before tax                     505
Less: Income tax expenses at 40%                   (202)
Net income after tax                     303

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

In: AccountingThe adjusted trial balance of Pacific Scientific Corporation onDecember 31, 2017, the end of the...The adjusted trial balance of Pacific Scientific Corporation onDecember 31, 2017, the end of the company's fiscal year, containedthe following income statement items ($ in millions): salesrevenue, $2284; cost of goods sold, $1328; selling expenses, $160;general and administrative expenses, $299; interest expense, $60;and gain on sale of investments, $68. Income tax expense has notyet been accrued. The income tax rate is 40%. Determine the amountwould appear in a multi-step income statement for net income(loss). Answer in dollars and cents ($ 0.00 ).

Other questions asked by students