Prepare a multiple-step income statement with earnings

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Reference no: EM134947

Following is a partial trial balance for Plano Company. Plano had 50,000 shares of stock outstanding during the year. Income tax expense has not yet been accrued. The effective tax rate is 30%. Prepare a multiple-step income statement with earnings per share disclosure. Plano Company

Partial Trial Balance

As of December 31, 201X

Debit Credit

Sales revenue 700,000

Interest revenue 60,000

Gain on sale of investments (infrequent 110,000

but not unusual)

Cost of goods sold 500,000

Selling expenses 150,000

Restructuring costs 40,000

Interest expense 30,000

General and administrative costs 60,000

Reference no: EM134947

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