Prepare multiple-step income statement

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Reference no: EM13866559

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2016, 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; and gain on sale of investments, $45. Income tax expense has not yet been accrued. The income tax rate is 40%.

Prepare a multiple-step income statement for 2016. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).

Reference no: EM13866559

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