Question

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, $2.190; cost of goods sold, $1.420; selling expense, $205: general and administrative expense, $195, Interest expense, $65; and gain on sale of investments, $115. Income tax expense has not yet been recorded. The income tax rate is 25% Prepare a single-step Income statement for 2021. (Enter your answers in millions (e., 10,000,000 should be entered as 10).) PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Total revenues and gains Expenses and losses: Terences Total expenses and nombre con

Answer 1

Income Statement
For the Year Ended December 31, 2021
Revenues and gains:
Sales revenue		2190
Gain on sale of investments		115
Total revenues and gains		2305
Expenses and losses:
Cost of goods sold	1420
Selling expenses	205
General and administrative expenses	195
Interest expense	65
Total expenses and losses		1885
Income before income taxes		420
Income tax expense		105	=420*25%
Net income		315