The trial balance of Plano Company included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expense Interest expense General and administrative expenses Debits $ 585,000 142,000 38,000 116,000 Credits $ 815,000 68,000 118,000 Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a multiple-step income statement with earnings per share disclosure. Note: Round earnings per share answer to 2 decimal places.

The trial balance of Plano Company included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expense Interest expense General and administrative expenses Debits $ 585,000 142,000 38,000 116,000 Credits $ 815,000 68,000 118,000 Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a multiple-step income statement with earnings per share disclosure. Note: Round earnings per share answer to 2 decimal places.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 11P: Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as...

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