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Problem:

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2013, the end of the company's fiscal year, contained the following income statement items: sales revenue, $2,105; cost of goods sold, $1,250; selling expenses, $120; general and administrative expenses, $110; interest expense, $35; and gain on sale of investments, $50. Income tax expense has not yet been accrued. The income tax rate is 30%.

Required:

Question: Prepare a multiple-step income statement for 2013. Ignore EPS disclosures.

Note: Provide support for rationale.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91171720

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