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View Full Version : Income Statement Assistance Please!


acctstudentt
Jun 30, 2011, 08:48 PM
Can you please give some guidance as to how I can do this? Any help would be really appreciated!

Use the following partial trial balance to prepare and multiple-step income statement with earning per share disclosure on December 31, 2009.

Plano Co. 12/31/09 Debits Credits
Partial Trial Balance Data

Sales revenue 700,000
Interest revenue 60,000
Gain on sale of land (infrequent but not unusual item) 110,000
Cost of goods sold 500,000
Salaries and wages 150,000
Depreciation expense 40,000
Interest expense 30,000
Marketing and administrative expenses 60,000

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