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 1 year ago

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the...

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,105; cost of goods sold, $1,250; selling expense, $120; general and administrative expense, $110; interest expense, $35; and gain on sale of investments, $50. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare a multiple-step income statement for 2021. (Amounts to be deducted should...

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2016, the end of the...

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2016, the end of the company’s fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,150; cost of goods sold, $1,340; selling expenses, $165; general and administrative expenses, $155; interest expense, $30; and gain on sale of investments, $70. Income tax expense has not yet been accrued. The income tax rate is 30%. Assume the company’s accountant prepared a multiple-step income statement. a. What amount...

is the adjusted trial balance for Dulcinea Corporation at December 31, 2017. Dulcinea CorporationTrial BalanceDecember 31,...

is the adjusted trial balance for Dulcinea Corporation at December 31, 2017. Dulcinea CorporationTrial BalanceDecember 31, 2017DebitCreditCash$26,300 Accounts receivable19,000 Inventory23,000Office supplies700 Prepaid insurance2,400 Land75,000 Building, net153,000 Trademark7,000 Accounts payable46,875 Wages payable12,000 Interest payable 1,250Note payable (due in 4 years) 100,500 Capital stock45,000 Retained earnings66,000 Dividends 4,000 Sales Revenue233,000 Cost of goods sold93,200Selling expenses37,000 Administrative expenses42,400 Interest expense5,025 Income tax expense16,600 $504,625$504,625 Required (15 points):a. Prepare the financial statements for Dulcinea Corporation, including a multiple step income statement, Statement of Stockholders’...

Presented below is the adjusted trial balance of Pharoah Corporation at December 31, 2017. Debit Credit...

Presented below is the adjusted trial balance of Pharoah Corporation at December 31, 2017. Debit Credit Cash $ ? Supplies 1,490 Prepaid Insurance 1,290 Equipment 48,290 Accumulated Depreciation-Equipment $ 4,290 Trademarks 1,240 Accounts Payable 10,290 Salaries and Wages Payable 790 Unearned Service Revenue 2,290 Bonds Payable (due 2024) 9,290 Common Stock 10,290 Retained Earnings 25,290 Service Revenue 10,290 Salaries and Wages Expense 9,290 Insurance Expense 1,690 Rent Expense 1,490 Interest Expense 1,190 Total $ ? $ ? Additional information: 1. Net loss for the...

Presented below is the adjusted trial balance of Sunland Corporation at December 31, 2017. Debit Credit...

Presented below is the adjusted trial balance of Sunland Corporation at December 31, 2017. Debit Credit Cash $ ? Supplies 1,560 Prepaid Insurance 1,360 Equipment 48,360 Accumulated Depreciation-Equipment $ 4,360 Trademarks 1,310 Accounts Payable 10,360 Salaries and Wages Payable 860 Unearned Service Revenue 2,360 Bonds Payable (due 2024) 9,360 Common Stock 10,360 Retained Earnings 25,360 Service Revenue 10,360 Salaries and Wages Expense 9,360 Insurance Expense 1,760 Rent Expense 1,560 Interest Expense 1,260 Total $ ? $ ? Additional information: 1....

Presented below is the adjusted trial balance of Martinez Corporation at December 31, 2017. Debit Credit...

Presented below is the adjusted trial balance of Martinez Corporation at December 31, 2017. Debit Credit Cash $ ? Supplies 1,350 Prepaid Insurance 1,150 Equipment 48,150 Accumulated Depreciation-Equipment $ 4,150 Trademarks 1,100 Accounts Payable 10,150 Salaries and Wages Payable 650 Unearned Service Revenue 2,150 Bonds Payable (due 2024) 9,150 Common Stock 10,150 Retained Earnings 25,150 Service Revenue 10,150 Salaries and Wages Expense 9,150 Insurance Expense 1,550 Rent Expense 1,350 Interest Expense 1,050 Total $ ? $ ? Additional information: 1. Net loss for the...

Presented below is the adjusted trial balance of Pina Corporation at December 31, 2017. Debit Credit...

Presented below is the adjusted trial balance of Pina Corporation at December 31, 2017. Debit Credit Cash $ ? Supplies 1,310 Prepaid Insurance 1,110 Equipment 48,110 Accumulated Depreciation-Equipment $ 4,110 Trademarks 1,060 Accounts Payable 10,110 Salaries and Wages Payable 610 Unearned Service Revenue 2,110 Bonds Payable (due 2024) 9,110 Common Stock 10,110 Retained Earnings 25,110 Service Revenue 10,110 Salaries and Wages Expense 9,110 Insurance Expense 1,510 Rent Expense 1,310 Interest Expense 1,010 Total $ ? $ ? Additional information: 1. Net loss for the...

Presented below is the adjusted trial balance of Larkspur Corporation at December 31, 2017. Debit Credit...

Presented below is the adjusted trial balance of Larkspur Corporation at December 31, 2017. Debit Credit Cash $ ? Supplies 1,300 Prepaid Insurance 1,100 Equipment 48,100 Accumulated Depreciation-Equipment $ 4,100 Trademarks 1,050 Accounts Payable 10,100 Salaries and Wages Payable 600 Unearned Service Revenue 2,100 Bonds Payable (due 2024) 9,100 Common Stock 10,100 Retained Earnings 25,100 Service Revenue 10,100 Salaries and Wages Expense 9,100 Insurance Expense 1,500 Rent Expense 1,300 Interest Expense 1,000 Total $ ? $ ? Additional information: 1. Net loss for the...

The adjusted trial balance of Karise Repairs on December 31, 2017, follows.

The adjusted trial balance of Karise Repairs on December 31, 2017, follows. KARISE REPAIRSAdjusted Trial BalanceDecember 31, 2017 No. Account Title Debit Credit 101 Cash $ 113,000 124 Office supplies 1,800 128 Prepaid insurance 2,850 167 Equipment 54,000 168 Accumulated depreciation—Equipment $ 5,400 201 Accounts payable ...

The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and...

The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. Advertising expense $ 26,000 Direct labor $ 675,900 Depreciation expense—Office equipment 11,700 Income taxes expense 238,500 Depreciation expense—Selling equipment 9,800 Indirect labor 55,700 Depreciation expense—Factory equipment 39,800 Miscellaneous production costs 10,300 Factory supervision 137,000 Office salaries expense 67,000 Factory supplies used 8,200 Raw materials purchases 971,000 Factory utilities 42,000 Rent expense—Office space 21,000 Inventories Rent expense—Selling space 28,600...

Question