Brief Exercise 4-1 (Algo) Single-step income statement [LO4-1] The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,140; cost of goods sold, $1,320; selling expense, $155; general and administrative expense, $145; interest expense, $55; and gain on sale of investments, $95. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare a single-step income statement for 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Revenues and gains: PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31, 2021 Total revenues and gains Expenses and losses: Total expenses and losses Income before income taxes Net income
Brief Exercise 4-1 (Algo) Single-step income statement [LO4-1] The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,140; cost of goods sold, $1,320; selling expense, $155; general and administrative expense, $145; interest expense, $55; and gain on sale of investments, $95. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare a single-step income statement for 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Revenues and gains: PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31, 2021 Total revenues and gains Expenses and losses: Total expenses and losses Income before income taxes Net income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Brief Exercise 4-1 (Algo) Single-step income statement [LO4-1]
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the
following income statement items ($ in millions): sales revenue, $2,140; cost of goods sold, $1,320; selling expense, $155; general and
administrative expense, $145; interest expense, $55; and gain on sale of investments, $95. Income tax expense has not yet been
recorded. The income tax rate is 25%.
Prepare a single-step income statement for 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
Revenues and gains:
PACIFIC SCIENTIFIC CORPORATION
Income Statement
For the Year Ended December 31, 2021
Total revenues and gains
Expenses and losses:
Total expenses and losses
Income before income taxes
Net income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd4302d11-9e2c-4231-b8e1-134fb23d9696%2F4e04be27-003f-4648-ba56-eec891f6690c%2Fzb444ir_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Brief Exercise 4-1 (Algo) Single-step income statement [LO4-1]
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the
following income statement items ($ in millions): sales revenue, $2,140; cost of goods sold, $1,320; selling expense, $155; general and
administrative expense, $145; interest expense, $55; and gain on sale of investments, $95. Income tax expense has not yet been
recorded. The income tax rate is 25%.
Prepare a single-step income statement for 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
Revenues and gains:
PACIFIC SCIENTIFIC CORPORATION
Income Statement
For the Year Ended December 31, 2021
Total revenues and gains
Expenses and losses:
Total expenses and losses
Income before income taxes
Net income
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