Question

Plano Co. 12/31/2018
Partial Trial Balance Data	Debits		Credits
Sales revenue			715,000
Interest revenue			61,000
Gain on sale of investments			111,000
Cost of goods sold	510,000
Selling expenses	149,000
Interest expense	31,000
General and administrative expenses	102,000

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.)

$ PLANO CO. Income Statement For the Year Ended December 31, 2018 Sales revenue Cost of goods sold Gross profit Operating expenses Selling expenses $ (149,000) General and administrative expenses (102,000) 715,000 (510,000) 205,000 (251,000) (46,000) Total operating expenses Operating loss Other income (expense) Interest revenue Gain on sale of investments 61,000 111,000 Other income (expense) 172,000 Income before income taxes 126,000 Income tax expense (28,500) Net income $ 66,500 Earnings per share Red text indicates no response was expected in a cell or a formula-based calculation is incorrect: no points deducted. 133

I need help with the 3 red x's that I got wrong. I can't figure it out.

Answer 1

PLANO Income Statement For the Year Ended December 31, 2018 Sales revenue Cost of goods sold Gross profit Operating Expenses Selling Expennsess -149000 General and administrative expenses - 102000 715000 -510000 205000 -251000 -46000 Total operating Expenses Operating loss Other income (expense) Interest revenue Gain on sale of investments Interest Expense 61000 111000 -31000 Total other income and expense Income before Income taxes Income tax expenses Net Income Earnings per share 141000 95000 -28500 66500 1.33