The trial balance of Plano Company included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Debits Credits $ 612,000 77,000 127,000 Cost of goods sold Selling expense Interest expense General and administrative expenses $ 455,000 133,000 23,000 86,000 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. PLANO COMPANY Income Statement For the Year Ended December 31, 2024 Revenues and gains: Total revenues and gains Expenses: Total expenses Income before income taxes Eamings per share
The trial balance of Plano Company included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Debits Credits $ 612,000 77,000 127,000 Cost of goods sold Selling expense Interest expense General and administrative expenses $ 455,000 133,000 23,000 86,000 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. PLANO COMPANY Income Statement For the Year Ended December 31, 2024 Revenues and gains: Total revenues and gains Expenses: Total expenses Income before income taxes Eamings per share
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
Section: Chapter Questions
Problem 2.8E: Income Statement Ratio The income statement of Holly Enterprises shows operating revenues of...
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