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Plano Co. 12/31/2018 Partial Trial Balance Data Debits Credits Sales revenue 760,000 Interest revenue 64,000 Gain...

Plano Co. 12/31/2018
Partial Trial Balance Data Debits Credits
Sales revenue 760,000
Interest revenue 64,000
Gain on sale of investments 114,000
Cost of goods sold 540,000
Selling expenses 146,000
Interest expense 34,000
General and administrative expenses 108,000


Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 30%.

Required:

Prepare a multiple-step income statement with earnings per share disclosure. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.)

Solutions

Expert Solution

MultiStep Income Statement
Particulars Amount
Sales         7,60,000.00
Cost of Goods Sold         5,40,000.00
Gross Profit         2,20,000.00
Operating Expenses:
Admin Expenses         1,08,000.00
Selling Expenses         1,46,000.00
Total operating Expenses         2,54,000.00
Operating income          (34,000.00)
Non Operating or Other:
Gain on sale of investment         1,14,000.00
Interest Revenue             64,000.00
Interest Expense          (34,000.00)
Total Non Operating         1,44,000.00
Net income         1,10,000.00
Tax @30%             33,000.00
Net Income after Tax             77,000.00
No of shares             50,000.00
EPS                       1.54
Note: Please consider (-) sign as a bracket as the system is not taking (-) sign.

ekkarill92 answered 1 year ago
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