The adjusted trial balance of Pacific Scientific Corporation on December 31, 2017, the end of the...

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2017, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2284; cost of goods sold, $1328; selling expenses, $160; general and administrative expenses, $299; interest expense, $60; and gain on sale of investments, $68. Income tax expense has not yet been accrued. The income tax rate is 40%. Determine the amount would appear in a multi-step income statement for net income (loss). Answer in dollars and cents ($ 0.00 ).

Expert Solution

Pacific Scientific Corporation
Income Statement
Period ending December 31, 2017
	$ in millions	$ in millions
Sales	2,284
Less: Cost of goods sold	(1,328)
Gross income		956
Less: Operating expenses
Selling expenses	160
General and administrative expenses	299
Total operating expenses		(459)
Net income before interest and tax		497
Less: Interest expenses		(60)
Income after interest before tax		437
Add: Other income;
Gain on sale of investment		68
Income before tax		505
Less: Income tax expenses at 40%		(202)
Net income after tax		303

ekkarill92 answered 2 years ago

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