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Plano Co. 12/31/2021 Partial Trial Balance Data Debits Credits Sales revenue 815,000 Interest revenue 68,000 Gain on sale of investments 118,000 Cost of goods
Plano Co. 12/31/2021 Partial Trial Balance Data Debits Credits Sales revenue 815,000 Interest revenue 68,000 Gain on sale of investments 118,000 Cost of goods sold 585,000 Selling expense 142,000 Interest expense General and administrative expenses 38,000 116,000 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. (Amounts to be deducted should be indicated with a minus sign. Round Earnings per share answer to 2 decimal places.) PLANO CO. Income Statement For the Year Ended December 31, 2021 Sales revenue Interest revenue Gross profit Operating expenses: Total operating expenses Operating income (loss) Other income (expense): $ 815,000 68,000 0 0
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