Question

Brief Exercise 4-3 (Algo) Multiple-step income statement (L04-1, 4-3) alance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items (S in millions): sales revenue, $2,170; cost of goods sold, $1,380: selling expense, $185: ense, $175: interest expense, $50, and gain on sale of investments, $80. 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 be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31, 2021 Gross profit Operating expenses Total operating expenses Operating income

Answer 1

Pacific Scientific Corporation Income Stalemeul for the Year Ended December 31, 202) 1 Sales revenue $2,170 Cost of Goods sold ($1380) Gross profit I $790 - Opreting expenses! . Selling Expenses . Gencial s Administrative |($185) penses($175) losc Total opereting eexpenses 100, ($360) $ 430 | Operating income_ Olene ting income Tother income (expense) Gain on sale of investments Anterest Expenses | $80 $50) Total other income, net al $30 Income before income taxes $ 460 Income Tax expense @25% ($115) Net Income in the $ 345

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