The adjusted trial balance of Pacific Scientific Corporation on December 31, 2024, the end of the company's fiscal year, contained the following Income statement items (in millions): sales revenue, $2,125; cost of goods sold, $1,290selling expense, $140; general and administrative expense, $130; interest expense, $55; and gain on sale of investments$70. Income tax expense has not yet been recorded. The income tax rate is 25% Prepare a single-step income statement. Note: Enter your answers in millions (l.e., 10,000,000 should be entered as 10)

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2024, the end of the company's fiscal year, contained the following Income statement items (in millions): sales revenue, $2,125; cost of goods sold, $1,290selling expense, $140; general and administrative expense, $130; interest expense, $55; and gain on sale of investments$70. Income tax expense has not yet been recorded. The income tax rate is 25% Prepare a single-step income statement. Note: Enter your answers in millions (l.e., 10,000,000 should be entered as 10)

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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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, $2,106; cost of goods sold, $1,240; selling expense, $126; general and administrative expense, $105; interest expense, $40; and gain on sale of investments, $45. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare a multiple-step income statement for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company’s fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,106; cost of goods sold, $1,240; selling expense, $126; general and administrative expense, $105; interest expense, $40; and gain on sale of investments, $45. Income tax expense has not yet been recorded. The income tax rate is 25%. Using the account balances, prepare a single-step income statement for 2021.
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The adjusted trial balance of Pacific Scientific Corporation on December 31, 2024, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,106; cost of goods sold, $1,240; selling expense, $126; general and administrative expense, $105; interest expense, $40; and gain on sale of investments, $45. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare a single-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31, 2024 Revenue and gains: Sales revenue Total revenues and gains Expenses and losses: Cost of goods sold Selling expense General and administrative expense Interest expense Total expenses and losses Income before income taxes Income tax expense Net income 2,106 126 105 40 $ 2,106 2,106 2,422 (316) (160) 480
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2024, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,135; cost of goods sold, $1,310; selling expense, $150; general and administrative expense, $140; interest expense, $65; and gain on sale of investments, $90. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare a multiple-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Sales revenue PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31, 2024 Gross profit Operating expenses: Answer is not complete. Inventory Selling expense General and administrative expense Total operating expenses Operating income Other income (expense): Gain on sale of investments Interest expense Total other income, net Income before income taxes Income tax expense Net income 1,310 150 140 90 65 X 69 2,135…
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2024 ($ in thousands): sales revenue, $19,100; cost of goods sold, $8,100; selling expenses, $1,490; general and administrative expenses, $990; interest revenue, $250; interest expense, $220. Income taxes have not yet been recorded. The company’s income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2024 ($ in thousands). All transactions are material in amount. Investments were sold during the year at a loss of $410. Schembri also had an unrealized gain of $520 for the year on investments in debt securities that qualify as components of comprehensive income. One of the company’s factories…
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $15,700; cost of goods sold, $6,400; selling expenses, $1,320; general and administrative expenses, $820; interest revenue, $80; interest expense, $200. Income taxes have not yet been recorded. The company’s income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021 ($ in thousands). All transactions are material in amount. Investments were sold during the year at a loss of $240. Schembri also had an unrealized gain of $360 for the year on investments in debt securities that qualify as components of comprehensive income. One of the company’s…
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2024 ($ in thousands): sales revenue, $18,300; cost of goods sold, $7,700; selling expenses, $1,450; general and administrative expenses, $950; interest revenue, $230; interest expense, $320. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's income statement every year. The company's controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2024 ($ in thousands). All transactions are material in amount. 1. Investments were sold during the year at a loss of $370. Schembri also had an unrealized gain of $460 for the year on investments in debt securities that qualify as components of comprehensive income. 2. One of the company's…
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $16,300; cost of goods sold, $6,700; selling expenses, $1,350; general and administrative expenses, $850; interest revenue, $200; interest expense, $230. Income taxes have not yet been recorded. The company’s income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021 ($ in thousands). All transactions are material in amount. Investments were sold during the year at a loss of $270. Schembri also had an unrealized gain of $380 for the year on investments in debt securities that qualify as components of comprehensive income. One of the company’s factories…
MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,195; cost of goods sold, $1,430; selling expense, $210; general and administrative expense, $200; interest expense, $35; and gain on sale of investments, $100. Income tax expense has not yet been recorded. The income tax rate is 25%.
The accounting profit before tax for the year ended December 31, 2021, for JENDEUKIE Co. amounted to P175,900 and included: Interest income 11,000 Long-service leave expense Doubt ful debts expense 7,000 4,200 Depreciation - plant (15% p.a) Rent expense 33,000 22,800 Entertainment expense (non-deductible) 3,900 The draft statement of financial position at December 31, 2021 contained the following assets and liabilities: 2020 7,500 76,800 2021 Cash 9,000 Accounts receivable 83,000 (5,000) 67,100 Allowance for doubtful debts (3,200) Inventory 58,300 Interest receivable Prepaid rent 1,000 2,800 2,400 Plant 220,000 220,000 Accumulated depreciation - plant (99,000) (66,000) Deferred tax asset ? 30,360 2021 2020 73,600 61,000 Accounts payable 71,200 Provision for long-service leave 64,000 Deferred tax liability 720 Additional information: The tax depreciation rate for plant is 10% p.a., straight line. The tax rate is 30% The company has P15,000 in tax losses carried forward from previous…