The trial balance of Plano Company included the following accounts as of December 31, 2024: Debits Credits Sales revenue $ 622,000 Interest revenue 76,000 Gain on sale of investments 126,000 Cost of goods sold $ 440,000 Selling expense 134,000 Interest expense 24,000 General and administrative expenses 88,000 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 $ 622,000 Interest revenue 76,000 Gain on sale of investments 126,000 Cost of goods sold $ 440,000 Selling expense 134,000 Interest expense 24,000 General and administrative expenses 88,000 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The
| Debits | Credits | |
|---|---|---|
| Sales revenue | $ 622,000 | |
| Interest revenue | 76,000 | |
| Gain on sale of investments | 126,000 | |
| Cost of goods sold | $ 440,000 | |
| Selling expense | 134,000 | |
| Interest expense | 24,000 | |
| General and administrative expenses | 88,000 |
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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