The trial balance of Plano Company included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expense Interest expense General and administrative expenses Debits $ 585,000 142,000 38,000 116,000 Credits $ 815,000 68,000 118,000 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 multiple-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: Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expense Interest expense General and administrative expenses Debits $ 585,000 142,000 38,000 116,000 Credits $ 815,000 68,000 118,000 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 multiple-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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Transcribed Image Text:PLANO COMPANY
Income Statement
For the Year Ended December 31, 2024
Gross profit
Operating expenses:
Total operating expenses
Operating income (loss)
Other income (expense):
Total other income, net
Income before income taxes
Earnings per share
0
0
0
0
Transcribed Image Text:The trial balance of Plano Company included the following accounts as of December 31, 2024:
Sales revenue
Interest revenue
Gain on sale of investments
Cost of goods sold
Selling expense
Interest expense
General and administrative expenses
Debits
$ 585,000
142,000
38,000
116,000
Credits
$ 815,000
68,000
118,000
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 multiple-step income statement with earnings per share disclosure.
Note: Round earnings per share answer to 2 decimal places.
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