Question

Plano Co. 12/31/2018
Partial Trial Balance Data	Debits		Credits
Sales revenue			620,000
Interest revenue			74,000
Gain on sale of investments			124,000
Cost of goods sold	460,000
Selling expenses	136,000
Interest expense	26,000
General and administrative expenses	92,000

Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 30%.

Required:

Prepare a multiple-step income statement with earnings per share disclosure. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.)

PLANO CO.
Income Statement
For the Year Ended December 31, 2018
Sales revenue
Cost of goods sold
Gross profit
Other income (expense)
Selling expenses
Restructuring costs
General and administrative expenses
Total operating expenses
Operating income
Interest revenue
Gain on sale of investments
Interest expense
Total operating expenses
Income before income taxes
Income tax expense
Net income
Earnings per share

+

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Answer 1