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, $2,106; 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The amount of net deferred tax asset/(liability) at January 1, 2008 is? The amount of net deferred tax asset/(liability) at December 31, 2008 is? Income tax expense – current for 2008 is?
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