The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year,

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The Adjusted Trial Balance Of Pacific Scientific Corporation On December 31 2021 The End Of The Company S Fiscal Year 1 (83.25 KiB) Viewed 34 times

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,185; cost of goods sold, $1,410; selling expense, $200; general and administrative expense, $190; interest expense, $60; and gain on sale of investments, $155. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare a multiple-step income statement for 2021. (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).) Gross profit Operating expenses: PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31, 2021 Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes Net income