80.2K

Verified Solution

Link Copied!

Plano Co. 12/31/2018
Partial Trial Balance Data	Debits		Credits
Sales revenue			620,000
Interest revenue			74,000
Gain on sale of investments			124,000
Cost of goods sold	460,000
Selling expenses	136,000
Interest expense	26,000
General and administrative expenses	92,000

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 Other income (expense) Selling expenses Restructuring costs General and administrative expenses Total operating expenses Operating income Interest revenue Gain on sale of investments Interest expense Total operating expenses Income before income taxes Income tax expense Net income Earnings per share

+

The full content of this question did not transfer to your assignment. Please try again. reload

Answer & Explanation Solved by verified expert

See Answer