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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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