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Construct a single-step income statement

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Reference no: EM132872257

Question - Plano Co. 12/31/2021 Partial Trial Balance Data

 

Debits

Credits

Sales revenue

 

715,000

Interest revenue

 

61,000

Gain on sale of investments

 

111,000

Cost of goods sold

510,000

 

Selling expense

149,000

 

Interest expense

31,000

 

General and admin expenses

102,000

 

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 - Construct a single-step income statement with earnings per share disclosure?

Reference no: EM132872257

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