Plano Co. 12/31/2018 Partial Trial Balance Data Debits Credits ...
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Accounting
Plano Co. 12/31/2018
Partial Trial Balance Data
Debits
Credits
Sales revenue
602,000
Interest revenue
78,000
Gain on sale of investments
128,000
Cost of goods sold
445,000
Selling expenses
132,000
Interest expense
22,000
General and administrative expenses
84,000
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
Earnings per share
Answer & Explanation
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