BE4-3 Multi-step Income Statement
Refer to the situation described in BE4-1.
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2009, the end of the company’s fiscal year, contained the following income statement items ($ in millions):
|
Sales revenue |
2,106 |
|
Cost of goods sold |
1,240 |
|
Selling expenses |
126 |
|
General and administrative expenses |
105 |
|
Interest expense |
35 |
|
Gain on sale of investments |
45 |
Income tax expense has not yet been accrued. The income tax rate is 40%.
Prepare a multi-step income statement for 2009. Ignore EPS disclosures.