The trial balance of Plano Company included the following accounts as of December 31, 2024: Debits Credits Sales revenue $ 700,000 Interest revenue 60,000 Gain on sale of investments 110,000 Cost of goods sold $ 500,000 Selling expense 150,000 Interest expense 40,000 General and administrative expenses 100,000 Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a single-step income statement with earnings per share disclosure. Note: Round earnings per share answer to 2 decimal places.
The trial balance of Plano Company included the following accounts as of December 31, 2024: Debits Credits Sales revenue $ 700,000 Interest revenue 60,000 Gain on sale of investments 110,000 Cost of goods sold $ 500,000 Selling expense 150,000 Interest expense 40,000 General and administrative expenses 100,000 Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a single-step income statement with earnings per share disclosure. Note: Round earnings per share answer to 2 decimal places.
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 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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The
| Debits | Credits | |
|---|---|---|
| Sales revenue | $ 700,000 | |
| Interest revenue | 60,000 | |
| Gain on sale of investments | 110,000 | |
| Cost of goods sold | $ 500,000 | |
| Selling expense | 150,000 | |
| Interest expense | 40,000 | |
| General and administrative expenses | 100,000 |
Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%.
Required:
Prepare a single-step income statement with earnings per share disclosure.
Note: Round earnings per share answer to 2 decimal places.
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